InnovAge (NASDAQ:INNV) Shares Gap Down – What’s Next?

by · The Cerbat Gem

InnovAge Holding Corp. (NASDAQ:INNV – Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $5.82, but opened at $5.55. InnovAge shares last traded at $5.58, with a volume of 1,477 shares.

Analyst Ratings Changes

INNV has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of InnovAge in a report on Wednesday, October 8th. JPMorgan Chase & Co. assumed coverage on shares of InnovAge in a research report on Thursday, September 18th. They set an “underweight” rating and a $5.00 price objective for the company. Finally, Wall Street Zen upgraded shares of InnovAge to a “strong-buy” rating in a research report on Saturday, November 8th. Two analysts have rated the stock with a Sell rating, Based on data from MarketBeat, InnovAge currently has an average rating of “Sell” and a consensus price target of $5.00.

Check Out Our Latest Stock Report on INNV

InnovAge Price Performance

The business has a 50-day moving average price of $5.19 and a two-hundred day moving average price of $4.47. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $812.73 million, a price-to-earnings ratio of -46.08 and a beta of 0.57.

InnovAge (NASDAQ:INNV – Get Free Report) last released its quarterly earnings data on Tuesday, November 4th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.05. InnovAge had a negative net margin of 1.96% and a negative return on equity of 7.02%. The firm had revenue of $236.11 million for the quarter, compared to the consensus estimate of $226.64 million. As a group, research analysts anticipate that InnovAge Holding Corp. will post -0.12 EPS for the current year.

Insider Activity at InnovAge

In other news, COO Michael Anthony Scarbrough sold 33,000 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $4.90, for a total value of $161,700.00. Following the transaction, the chief operating officer owned 119,617 shares in the company, valued at $586,123.30. This trade represents a 21.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On InnovAge

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its holdings in InnovAge by 26.0% during the third quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock worth $83,000 after purchasing an additional 3,305 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of InnovAge by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,124,321 shares of the company’s stock worth $5,801,000 after buying an additional 4,239 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of InnovAge by 2.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 164,322 shares of the company’s stock valued at $490,000 after acquiring an additional 4,535 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of InnovAge by 42.4% in the fourth quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock valued at $78,000 after acquiring an additional 5,936 shares in the last quarter. Finally, State of Alaska Department of Revenue purchased a new stake in shares of InnovAge during the third quarter valued at approximately $33,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

InnovAge Company Profile

(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.

Read More