InnovAge (NASDAQ:INNV) Shares Gap Down – Here’s Why

by · The Markets Daily

InnovAge Holding Corp. (NASDAQ:INNV – Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $5.47, but opened at $5.36. InnovAge shares last traded at $5.42, with a volume of 6,961 shares traded.

Wall Street Analysts Forecast Growth

Separately, KeyCorp initiated coverage on InnovAge in a report on Friday, October 11th. They issued a “sector weight” rating for the company.

Get Our Latest Report on INNV

InnovAge Trading Down 0.5 %

The company has a market cap of $736.90 million, a PE ratio of -45.58 and a beta of 0.39. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. The stock has a 50 day moving average price of $5.88 and a 200 day moving average price of $5.44.

InnovAge (NASDAQ:INNV – Get Free Report) last released its earnings results on Tuesday, November 5th. The company reported ($0.04) EPS for the quarter, meeting analysts’ consensus estimates of ($0.04). The company had revenue of $205.14 million during the quarter, compared to analysts’ expectations of $203.35 million. InnovAge had a negative return on equity of 5.68% and a negative net margin of 2.03%. During the same quarter last year, the business posted ($0.08) EPS. Sell-side analysts predict that InnovAge Holding Corp. will post -0.03 EPS for the current fiscal year.

Insider Buying and Selling at InnovAge

In other InnovAge news, insider Nicole Damato sold 4,372 shares of InnovAge stock in a transaction on Monday, September 16th. The stock was sold at an average price of $5.95, for a total transaction of $26,013.40. Following the completion of the transaction, the insider now owns 240,795 shares in the company, valued at approximately $1,432,730.25. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in INNV. Vanguard Group Inc. increased its holdings in shares of InnovAge by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 1,842,764 shares of the company’s stock worth $8,182,000 after purchasing an additional 13,193 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of InnovAge by 7.0% in the 2nd quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock worth $136,000 after purchasing an additional 1,793 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of InnovAge by 3.1% in the 2nd quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock worth $677,000 after purchasing an additional 4,100 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of InnovAge by 27.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock worth $289,000 after purchasing an additional 12,448 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of InnovAge by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock worth $993,000 after purchasing an additional 6,153 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

About InnovAge

(Get Free Report)

InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in its homes and communities. The company manages its business through Program of All-Inclusive Care for the Elderly (PACE) approach. It also offers in-home care services consisting of skilled, unskilled, and personal care; in-center services, such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to the PACE center and third-party medical appointments; and care management.

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