InnovAge (NASDAQ:INNV) Shares Gap Down - Here's What Happened

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $4.46, but opened at $4.23. InnovAge shares last traded at $4.14, with a volume of 4,931 shares.

InnovAge Price Performance

The business's 50-day moving average price is $3.85 and its 200 day moving average price is $3.53. The stock has a market capitalization of $573.79 million, a PE ratio of -18.48 and a beta of 0.51. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.78 and a current ratio of 0.78.

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

Insider Transactions at InnovAge

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

Institutional Investors Weigh In On InnovAge

A number of institutional investors have recently made changes to their positions in INNV. T. Rowe Price Investment Management Inc. grew its stake in shares of InnovAge by 4.4% in the first quarter. T. Rowe Price Investment Management Inc. now owns 5,259,843 shares of the company's stock worth $15,675,000 after acquiring an additional 222,155 shares during the period. Welch Capital Partners LLC NY grew its position in shares of InnovAge by 8.4% during the 1st quarter. Welch Capital Partners LLC NY now owns 365,907 shares of the company's stock valued at $1,090,000 after acquiring an additional 28,349 shares during the period. Northern Trust Corp increased its stake in shares of InnovAge by 4.7% in the 4th quarter. Northern Trust Corp now owns 330,099 shares of the company's stock worth $1,297,000 after purchasing an additional 14,900 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of InnovAge by 2.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 164,322 shares of the company's stock valued at $490,000 after acquiring an additional 4,535 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in InnovAge by 14.5% in the 4th quarter. Renaissance Technologies LLC now owns 162,000 shares of the company's stock worth $637,000 after buying an additional 20,500 shares during the period. Hedge funds and other institutional investors 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.