InnovAge (NASDAQ:INNV) Shares Down 5.5% – Should You Sell?

InnovAge Holding Corp. (NASDAQ:INNV) fell 5.5% during mid-day trading on Friday . The company traded as low as $4.31 and last traded at $4.33. 21,272 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 38,194 shares. The stock had previously closed at $4.58.

Analyst Ratings Changes

Separately, KeyCorp started coverage on shares of InnovAge in a report on Friday, October 11th. They set a “sector weight” rating for the company.

InnovAge Stock Down 3.1 %

The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.27. The firm has a fifty day moving average of $5.40 and a 200-day moving average of $5.54. The firm has a market cap of $601.42 million, a P/E ratio of -37.00 and a beta of 0.31.

InnovAge (NASDAQ:INNV) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($0.04) EPS for the quarter, meeting the consensus estimate of ($0.04). The company had revenue of $205.14 million during the quarter, compared to the consensus estimate 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 in the prior year, the firm posted ($0.08) EPS. On average, equities research analysts anticipate that InnovAge Holding Corp. will post -0.06 earnings per share for the current year.

Insider Transactions at InnovAge

In related news, insider Nicole Damato sold 4,372 shares of InnovAge stock in a transaction dated 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. This trade represents a 1.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.40% of the stock is owned by company insiders.

Institutional Trading of InnovAge

Several institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp increased its holdings in shares of InnovAge by 27.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock worth $289,000 after acquiring an additional 12,448 shares during the last quarter. Rhumbline Advisers boosted its position in InnovAge by 7.0% during the second quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock worth $136,000 after purchasing an additional 1,793 shares during the period. Renaissance Technologies LLC boosted its position in InnovAge by 3.1% during the second quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock worth $677,000 after purchasing an additional 4,100 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of InnovAge by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock valued at $993,000 after purchasing an additional 6,153 shares during the last quarter. Finally, State Street Corp raised its position in shares of InnovAge by 1.2% in the third quarter. State Street Corp now owns 344,905 shares of the company’s stock valued at $2,069,000 after purchasing an additional 4,218 shares during the period. Institutional investors own 12.26% of the company’s stock.

About InnovAge

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.