InnovAge (NASDAQ:INNV) Trading Down 5.1% - Here's What Happened

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) shares traded down 5.1% during trading on Friday . The company traded as low as $4.00 and last traded at $3.99. 25,401 shares were traded during trading, a decline of 50% from the average session volume of 50,752 shares. The stock had previously closed at $4.20.

InnovAge Stock Up 4.1%

The stock has a 50-day moving average of $3.92 and a 200 day moving average of $3.53. The company has a market capitalization of $581.89 million, a PE ratio of -18.74 and a beta of 0.51. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.04.

InnovAge (NASDAQ:INNV - Get Free Report) last announced its earnings results 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%. Sell-side analysts anticipate that InnovAge Holding Corp. will post -0.12 EPS for the current year.

Insider Transactions at InnovAge

In related news, COO Michael Anthony Scarbrough purchased 13,000 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were bought at an average price of $3.73 per share, with a total value of $48,490.00. Following the acquisition, the chief operating officer owned 23,000 shares of the company's stock, valued at $85,790. This trade represents a 130.00% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Richard C. Zoretic acquired 8,450 shares of the company's stock in a transaction that occurred on Friday, May 30th. The stock was purchased at an average price of $4.08 per share, for a total transaction of $34,476.00. Following the purchase, the director owned 68,494 shares of the company's stock, valued at $279,455.52. The trade was a 14.07% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 71,653 shares of company stock valued at $281,922 in the last 90 days. 1.40% of the stock is currently owned by corporate insiders.

Institutional Trading of InnovAge

Large investors have recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. grew its stake in shares of InnovAge by 5.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,037,688 shares of the company's stock worth $19,799,000 after acquiring an additional 281,551 shares during the period. Strs Ohio purchased a new stake in InnovAge during the first quarter valued at about $186,000. Topline Capital Management LLC bought a new position in InnovAge during the fourth quarter worth about $231,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of InnovAge in the first quarter worth about $166,000. Finally, Nuveen LLC bought a new stake in shares of InnovAge in the first quarter valued at approximately $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.