InnovAge (NASDAQ:INNV) Shares Down 3.9% - Should You Sell?

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) shares traded down 3.9% during trading on Thursday . The company traded as low as $4.26 and last traded at $4.20. 15,761 shares changed hands during trading, a decline of 69% from the average session volume of 50,698 shares. The stock had previously closed at $4.37.

InnovAge Stock Performance

The company has a 50 day moving average price of $4.01 and a 200-day moving average price of $3.54. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.04. The company has a market cap of $513.04 million, a P/E ratio of -16.52 and a beta of 0.51.

InnovAge (NASDAQ:INNV - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.06). InnovAge had a negative return on equity of 11.91% and a negative net margin of 3.75%. The firm had revenue of $218.14 million during the quarter, compared to the consensus estimate of $214.09 million. Equities analysts expect that InnovAge Holding Corp. will post -0.12 EPS for the current fiscal year.

Insider Activity at InnovAge

In other InnovAge news, Director Richard C. Zoretic purchased 8,450 shares of the company's stock in a transaction dated Friday, May 30th. The shares were bought at an average price of $4.08 per share, for a total transaction of $34,476.00. Following the purchase, the director directly owned 68,494 shares in the company, valued at $279,455.52. This trade represents a 14.07% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Michael Anthony Scarbrough acquired 13,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was acquired at an average price of $3.73 per share, with a total value of $48,490.00. Following the completion of the acquisition, the chief operating officer directly owned 23,000 shares of the company's stock, valued at $85,790. This represents a 130.00% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 71,653 shares of company stock valued at $281,922. 1.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of INNV. Goldman Sachs Group Inc. increased its stake in InnovAge by 41.2% during the first quarter. Goldman Sachs Group Inc. now owns 94,831 shares of the company's stock valued at $283,000 after acquiring an additional 27,674 shares during the period. Strs Ohio bought a new stake in shares of InnovAge during the first quarter valued at approximately $186,000. Jane Street Group LLC raised 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 purchasing an additional 7,429 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in InnovAge in the first quarter worth $166,000. Finally, Topline Capital Management LLC boosted its stake in InnovAge by 19.4% during the first quarter. Topline Capital Management LLC now owns 70,143 shares of the company's stock worth $209,000 after buying an additional 11,403 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.