InnovAge (NASDAQ:INNV) Shares Gap Down - Time to Sell?

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report)'s stock price gapped down prior to trading 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 traded.

InnovAge Stock Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.16 and a quick ratio of 1.16. The company has a 50 day simple moving average of $3.16 and a 200-day simple moving average of $3.77. The firm has a market cap of $562.33 million, a PE ratio of -22.16 and a beta of 0.40.

InnovAge (NASDAQ:INNV - Get Free Report) last announced its quarterly earnings data 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). InnovAge had a negative return on equity of 9.45% and a negative net margin of 3.19%. The business had revenue of $218.14 million during the quarter, compared to the consensus estimate of $214.09 million. As a group, equities research analysts anticipate that InnovAge Holding Corp. will post -0.12 EPS for the current year.

Insider Buying and Selling at InnovAge

In related news, COO Michael Anthony Scarbrough acquired 13,000 shares of the stock in a transaction 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 completion of the transaction, the chief operating officer now owns 23,000 shares of the company's stock, valued at $85,790. This trade represents a 130.00% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders acquired a total of 25,893 shares of company stock worth $96,307 over the last three months. Company insiders own 1.40% of the company's stock.

Institutional Trading of InnovAge

A number of institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC purchased a new position in shares of InnovAge in the fourth quarter worth $43,000. Squarepoint Ops LLC bought a new stake in InnovAge in the 4th quarter worth $68,000. Bank of America Corp DE increased its position in shares of InnovAge by 42.4% in the fourth quarter. Bank of America Corp DE now owns 19,945 shares of the company's stock valued at $78,000 after acquiring an additional 5,936 shares during the period. Barclays PLC increased its position in shares of InnovAge by 13.6% in the fourth quarter. Barclays PLC now owns 29,099 shares of the company's stock valued at $115,000 after acquiring an additional 3,485 shares during the period. Finally, BNP Paribas Financial Markets bought a new position in shares of InnovAge during the fourth quarter valued at about $123,000. Hedge funds and other 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.

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