InnovAge (NASDAQ:INNV) Trading Down 4.6% - Here's Why

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) shares fell 4.6% during trading on Monday . The company traded as low as $3.89 and last traded at $3.84. 7,265 shares changed hands during trading, a decline of 86% from the average session volume of 52,830 shares. The stock had previously closed at $4.02.

InnovAge Stock Performance

The stock has a market capitalization of $498.20 million, a P/E ratio of -19.42 and a beta of 0.55. The stock has a 50 day moving average of $3.45 and a 200 day moving average of $3.61. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.16 and a current ratio of 1.16.

InnovAge (NASDAQ:INNV - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.06). The company 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%. Equities analysts predict that InnovAge Holding Corp. will post -0.12 EPS for the current year.

Insider Transactions at InnovAge

In other InnovAge news, Director Richard C. Zoretic purchased 8,450 shares of the firm's stock in a transaction dated Friday, May 30th. The stock was bought at an average price of $4.08 per share, with a total value of $34,476.00. Following the completion of the purchase, the director now owns 68,494 shares in the company, valued at $279,455.52. This trade represents a 14.07% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Michael Anthony Scarbrough purchased 13,000 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was acquired at an average cost of $3.73 per share, with a total value of $48,490.00. Following the purchase, the chief operating officer now owns 23,000 shares of the company's stock, valued at approximately $85,790. This represents a 130.00% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 71,653 shares of company stock valued at $281,922. 1.40% of the stock is currently owned by corporate insiders.

Institutional Trading of InnovAge

Institutional investors have recently modified their holdings of the company. Barclays PLC lifted its holdings 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 buying an additional 3,485 shares during the period. SG Americas Securities LLC acquired a new stake in shares of InnovAge in the fourth quarter valued at $43,000. Jane Street Group LLC lifted its holdings in shares of InnovAge by 230.6% in the fourth quarter. Jane Street Group LLC now owns 39,398 shares of the company's stock valued at $155,000 after buying an additional 27,481 shares during the period. BNP Paribas Financial Markets acquired a new stake in shares of InnovAge in the fourth quarter valued at $123,000. Finally, T. Rowe Price Investment Management Inc. lifted its holdings in shares of InnovAge by 5.9% in 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 buying an additional 281,551 shares during the period. Institutional investors and hedge funds own 12.26% of the company's stock.

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.