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

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) gapped down before the market opened 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 traded.

InnovAge Trading Down 0.7%

The stock has a market cap of $569.74 million, a PE ratio of -18.35 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. The company has a 50 day moving average of $3.85 and a two-hundred day moving average of $3.53.

InnovAge (NASDAQ:INNV - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.08) earnings per share 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 the consensus estimate of $214.09 million. InnovAge had a negative net margin of 3.75% and a negative return on equity of 11.91%. Sell-side analysts anticipate that InnovAge Holding Corp. will post -0.12 earnings per share for the current fiscal year.

Insider Buying and Selling at InnovAge

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

Hedge Funds Weigh In On InnovAge

Hedge funds and other institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its holdings in shares of InnovAge by 41.2% during the first quarter. Goldman Sachs Group Inc. now owns 94,831 shares of the company's stock worth $283,000 after acquiring an additional 27,674 shares during the period. Strs Ohio bought a new stake in shares of InnovAge in the 1st quarter valued at about $186,000. Jane Street Group LLC boosted its position in InnovAge by 18.9% during the first quarter. Jane Street Group LLC now owns 46,827 shares of the company's stock worth $140,000 after purchasing an additional 7,429 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in shares of InnovAge in the first quarter valued at approximately $166,000. Finally, Topline Capital Management LLC increased its stake in InnovAge by 19.4% in the 1st quarter. Topline Capital Management LLC now owns 70,143 shares of the company's stock valued at $209,000 after buying an additional 11,403 shares during the period. 12.26% of the stock is 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.