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

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

InnovAge Price Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a 50 day moving average price of $4.01 and a two-hundred day moving average price of $3.54.

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). The firm had revenue of $218.14 million for the quarter, compared to analysts' expectations of $214.09 million. InnovAge had a negative net margin of 3.75% and a negative return on equity of 11.91%. Equities research analysts forecast that InnovAge Holding Corp. will post -0.12 earnings per share for the current fiscal year.

Insider Transactions at InnovAge

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its stake in InnovAge by 143.6% in the 4th quarter. JPMorgan Chase & Co. now owns 60,143 shares of the company's stock valued at $236,000 after buying an additional 35,456 shares in the last quarter. Renaissance Technologies LLC increased its position in InnovAge by 14.5% in the fourth quarter. Renaissance Technologies LLC now owns 162,000 shares of the company's stock worth $637,000 after purchasing an additional 20,500 shares during the period. Barclays PLC raised its holdings in InnovAge by 13.6% during the 4th quarter. Barclays PLC now owns 29,099 shares of the company's stock worth $115,000 after purchasing an additional 3,485 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in InnovAge by 5.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,037,688 shares of the company's stock valued at $19,799,000 after purchasing an additional 281,551 shares during the period. Finally, Topline Capital Management LLC bought a new stake in shares of InnovAge during the fourth quarter worth approximately $231,000. Institutional investors and hedge funds 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.

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