InnovAge (NASDAQ:INNV) Trading Down 4.2% - Here's What Happened

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report)'s stock price dropped 4.2% on Wednesday . The company traded as low as $3.86 and last traded at $3.87. Approximately 545 shares traded hands during mid-day trading, a decline of 99% from the average daily volume of 52,370 shares. The stock had previously closed at $4.04.

InnovAge Stock Down 0.5%

The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.04. The firm has a market cap of $529.24 million, a PE ratio of -17.04 and a beta of 0.55. The business's 50-day simple moving average is $3.68 and its 200 day simple moving average is $3.54.

InnovAge (NASDAQ:INNV - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.06). The business 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%. As a group, equities research analysts expect that InnovAge Holding Corp. will post -0.12 earnings per share for the current year.

Insider Buying and Selling at InnovAge

In related news, COO Michael Anthony Scarbrough bought 10,000 shares of the business's stock in a transaction on Friday, May 9th. The shares were bought at an average price of $3.55 per share, for a total transaction of $35,500.00. Following the completion of the purchase, the chief operating officer now directly owns 10,000 shares of the company's stock, valued at approximately $35,500. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard C. Zoretic bought 8,450 shares of the business's stock in a transaction on Friday, May 30th. The stock was bought at an average price of $4.08 per share, for a total transaction of $34,476.00. Following the purchase, the director now directly owns 68,494 shares of the company's stock, valued at $279,455.52. The trade was a 14.07% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 71,653 shares of company stock worth $281,922 over the last quarter. Insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On InnovAge

Several hedge funds and other institutional investors have recently modified their holdings of INNV. T. Rowe Price Investment Management Inc. raised its holdings in shares of InnovAge by 5.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,037,688 shares of the company's stock worth $19,799,000 after buying an additional 281,551 shares during the last quarter. Strs Ohio acquired a new position in shares of InnovAge in the 1st quarter valued at $186,000. Topline Capital Management LLC purchased a new position in InnovAge in the 4th quarter worth $231,000. Jacobs Levy Equity Management Inc. acquired a new stake in InnovAge during the 1st quarter worth about $166,000. Finally, Nuveen LLC acquired a new position in shares of InnovAge in the first quarter valued at about $159,000. 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.