InnovAge Holding Corp. (NASDAQ:INNV) Short Interest Update

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) was the recipient of a large decline in short interest in March. As of March 31st, there was short interest totalling 262,900 shares, a decline of 18.8% from the March 15th total of 323,900 shares. Based on an average daily volume of 62,100 shares, the days-to-cover ratio is currently 4.2 days. Approximately 1.3% of the shares of the company are short sold.

InnovAge Stock Performance

INNV stock traded down $0.06 during midday trading on Friday, hitting $3.07. 31,296 shares of the stock traded hands, compared to its average volume of 52,657. The stock's fifty day simple moving average is $3.09 and its 200-day simple moving average is $4.06. The firm has a market cap of $415.20 million, a P/E ratio of -16.16 and a beta of 0.41. InnovAge has a 1-year low of $2.60 and a 1-year high of $6.69. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.16 and a quick ratio of 1.16.

InnovAge (NASDAQ:INNV - Get Free Report) last issued its quarterly earnings data on Tuesday, February 4th. The company reported ($0.10) EPS for the quarter. InnovAge had a negative net margin of 3.19% and a negative return on equity of 9.45%. On average, analysts expect that InnovAge will post -0.12 earnings per share for the current year.

Hedge Funds Weigh In On InnovAge

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new position in shares of InnovAge during the 4th quarter worth about $43,000. Squarepoint Ops LLC purchased a new position in shares of InnovAge in the fourth quarter valued at approximately $68,000. Bank of America Corp DE boosted its stake 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 worth $78,000 after acquiring an additional 5,936 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of InnovAge by 191.5% during the third quarter. JPMorgan Chase & Co. now owns 24,687 shares of the company's stock worth $148,000 after purchasing an additional 16,217 shares in the last quarter. Finally, Barclays PLC raised its stake in InnovAge by 289.0% in the 3rd quarter. Barclays PLC now owns 25,614 shares of the company's stock valued at $154,000 after purchasing an additional 19,029 shares during the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.