InnovAge (NASDAQ:INNV) Announces Earnings Results

Key Points

• InnovAge reported a quarterly earnings per share of ($0.01), exceeding analyst estimates of ($0.02) by $0.01, despite a negative net margin of 3.75%.
• The company’s stock price rose 6.0% to $4.27 during midday trading, with a market cap of approximately $576.49 million.
• Institutional investors currently hold 12.26% of InnovAge's shares, with several hedge funds increasing their stakes in the company recently.

InnovAge (NASDAQ:INNV - Get Free Report) announced its quarterly earnings results on Tuesday. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.02) by $0.01, Zacks reports. InnovAge had a negative return on equity of 11.91% and a negative net margin of 3.75%.

InnovAge Trading Up 6.0%

Shares of NASDAQ:INNV traded up $0.24 during midday trading on Tuesday, reaching $4.27. 97,302 shares of the company's stock were exchanged, compared to its average volume of 45,146. The firm's 50 day simple moving average is $3.80 and its two-hundred day simple moving average is $3.55. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market cap of $576.49 million, a price-to-earnings ratio of -18.56 and a beta of 0.52. InnovAge has a fifty-two week low of $2.60 and a fifty-two week high of $6.69.

Institutional Investors Weigh In On InnovAge

Hedge funds have recently bought and sold shares of the stock. Kent Lake PR LLC raised its position in shares of InnovAge by 13.1% during the 2nd quarter. Kent Lake PR LLC now owns 1,697,036 shares of the company's stock worth $6,262,000 after acquiring an additional 197,036 shares in the last quarter. Welch Capital Partners LLC NY grew its stake in shares of InnovAge by 22.6% in the 2nd quarter. Welch Capital Partners LLC NY now owns 448,775 shares of the company's stock valued at $1,656,000 after purchasing an additional 82,868 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of InnovAge by 3.0% in the second quarter. Geode Capital Management LLC now owns 554,880 shares of the company's stock valued at $2,048,000 after buying an additional 16,205 shares in the last quarter. Strs Ohio purchased a new stake in shares of InnovAge in the first quarter valued at approximately $186,000. Finally, Jane Street Group LLC boosted its stake in shares of InnovAge by 18.9% in the first quarter. Jane Street Group LLC now owns 46,827 shares of the company's stock valued at $140,000 after buying an additional 7,429 shares in the last quarter. Institutional investors and hedge funds own 12.26% of the company's stock.

InnovAge Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.