InnovAge (NASDAQ:INNV) Stock Price Up 3.2% Following Insider Buying Activity

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report)'s share price rose 3.2% during trading on Friday following insider buying activity. The company traded as high as $4.17 and last traded at $4.18. Approximately 923 shares changed hands during trading, a decline of 98% from the average daily volume of 52,308 shares. The stock had previously closed at $4.05.

Specifically, Director Richard C. Zoretic acquired 8,450 shares of the firm's 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 acquisition, the director now owns 68,494 shares of the company's stock, valued at $279,455.52. This trade represents a 14.07% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard C. Zoretic bought 14,265 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The shares were bought at an average price of $4.04 per share, with a total value of $57,630.60. Following the transaction, the director now directly owns 60,044 shares in the company, valued at $242,577.76. This trade represents a 31.16% increase in their ownership of the stock. The disclosure for this purchase can be found here. In other InnovAge news, Director Richard C. Zoretic acquired 20,000 shares of the business's stock in a transaction on Wednesday, May 28th. The stock was purchased at an average price of $4.06 per share, for a total transaction of $81,200.00. Following the transaction, the director now owns 45,779 shares in the company, valued at $185,862.74. This trade represents a 77.58% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

InnovAge Trading Down 1.5%

The stock has a market cap of $538.70 million, a P/E ratio of -21.00 and a beta of 0.40. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.16 and a current ratio of 1.16. The company has a 50-day simple moving average of $3.28 and a 200-day simple moving average of $3.65.

InnovAge (NASDAQ:INNV - Get Free Report) last released its 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). InnovAge had a negative return on equity of 9.45% and a negative net margin of 3.19%. The firm had revenue of $218.14 million for the quarter, compared to the consensus estimate of $214.09 million. On average, sell-side analysts forecast that InnovAge Holding Corp. will post -0.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of INNV. T. Rowe Price Investment Management Inc. raised its holdings in InnovAge by 4.4% during the first quarter. T. Rowe Price Investment Management Inc. now owns 5,259,843 shares of the company's stock worth $15,675,000 after acquiring an additional 222,155 shares in the last quarter. Welch Capital Partners LLC NY raised its holdings in InnovAge by 8.4% during the first quarter. Welch Capital Partners LLC NY now owns 365,907 shares of the company's stock worth $1,090,000 after acquiring an additional 28,349 shares in the last quarter. Northern Trust Corp raised its holdings in InnovAge by 4.7% during the fourth quarter. Northern Trust Corp now owns 330,099 shares of the company's stock worth $1,297,000 after acquiring an additional 14,900 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in InnovAge by 2.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 164,322 shares of the company's stock worth $490,000 after acquiring an additional 4,535 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in InnovAge by 14.5% during the fourth quarter. Renaissance Technologies LLC now owns 162,000 shares of the company's stock worth $637,000 after acquiring an additional 20,500 shares in the last quarter. 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.