InnovAge (NASDAQ:INNV) Stock Price Down 5.1% - Should You Sell?

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

InnovAge Stock Down 4.4%

The company has a debt-to-equity ratio of 0.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a 50-day simple moving average of $3.90 and a two-hundred day simple moving average of $3.53. The company has a market cap of $542.07 million, a PE ratio of -17.43 and a beta of 0.51.

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 the consensus estimate of ($0.02) by ($0.06). The company had revenue of $218.14 million for the quarter, compared to analysts' expectations of $214.09 million. InnovAge had a negative return on equity of 11.91% and a negative net margin of 3.75%. Research 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 the company's stock in a transaction that occurred on Monday, May 12th. The stock was purchased at an average cost of $3.73 per share, for a total transaction of $48,490.00. Following the completion of the purchase, 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard C. Zoretic bought 20,000 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The stock was acquired at an average price of $4.06 per share, with a total value of $81,200.00. Following the completion of the purchase, the director directly owned 45,779 shares of the company's stock, valued at approximately $185,862.74. The trade was a 77.58% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 71,653 shares of company stock valued at $281,922 over the last quarter. Insiders own 1.40% of the company's stock.

Institutional Investors Weigh In On InnovAge

A number of institutional investors have recently added to or reduced their stakes in INNV. JPMorgan Chase & Co. grew its position in InnovAge by 143.6% during the fourth quarter. JPMorgan Chase & Co. now owns 60,143 shares of the company's stock valued at $236,000 after acquiring an additional 35,456 shares during the period. Renaissance Technologies LLC grew its position in InnovAge by 14.5% during the fourth quarter. Renaissance Technologies LLC now owns 162,000 shares of the company's stock valued at $637,000 after acquiring an additional 20,500 shares during the period. Barclays PLC grew its position in InnovAge by 13.6% during 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. T. Rowe Price Investment Management Inc. grew its position in InnovAge by 5.9% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,037,688 shares of the company's stock valued at $19,799,000 after acquiring an additional 281,551 shares during the period. Finally, Topline Capital Management LLC purchased a new stake in InnovAge during the fourth quarter valued at about $231,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.