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

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report)'s share price gapped down before the market opened on Wednesday . The stock had previously closed at $4.24, but opened at $4.11. InnovAge shares last traded at $4.11, with a volume of 1,896 shares.

InnovAge Stock Down 2.2%

The firm's 50-day moving average price is $3.20 and its 200 day moving average price is $3.71. The firm has a market cap of $530.60 million, a P/E ratio of -20.68 and a beta of 0.40. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.27.

InnovAge (NASDAQ:INNV - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate 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 return on equity of 9.45% and a negative net margin of 3.19%. As a group, research analysts expect that InnovAge Holding Corp. will post -0.12 earnings per share for the current year.

Insider Transactions at InnovAge

In related news, COO Michael Anthony Scarbrough bought 13,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was purchased at an average price of $3.73 per share, for a total transaction of $48,490.00. Following the transaction, the chief operating officer now directly owns 23,000 shares of the company's stock, valued at approximately $85,790. This represents a 130.00% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders bought 28,938 shares of company stock worth $108,616. Insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On InnovAge

A number of institutional investors and hedge funds have recently bought and sold shares of INNV. T. Rowe Price Investment Management Inc. grew its position in InnovAge by 5.9% in 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 buying an additional 281,551 shares in the last quarter. Topline Capital Management LLC bought a new position in shares of InnovAge during the 4th quarter valued at about $231,000. Jacobs Levy Equity Management Inc. bought a new position in shares of InnovAge during the 1st quarter valued at about $166,000. Nuveen LLC bought a new position in shares of InnovAge during the 1st quarter valued at about $159,000. Finally, JPMorgan Chase & Co. boosted its position in shares of InnovAge by 143.6% during the 4th quarter. JPMorgan Chase & Co. now owns 60,143 shares of the company's stock valued at $236,000 after purchasing an additional 35,456 shares in the last quarter. Institutional investors own 12.26% of the company's stock.

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.