InnovAge (NASDAQ:INNV) Trading Down 5.7% - What's Next?

Key Points

• InnovAge Holding Corp. (NASDAQ: INNV) saw its stock price fall 5.7% to $3.13, with trading volume down 22% compared to average levels.
• The company reported a negative earnings per share of (0.08) for the last quarter, missing analyst estimates and showing a negative net margin of 3.75%.
• Insider trading activity included COO Michael Anthony Scarbrough acquiring 13,000 shares and Director Richard C. Zoretic purchasing 20,000 shares, indicating confidence in the company's future.

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) shares fell 5.7% on Friday . The stock traded as low as $3.13 and last traded at $3.13. 34,983 shares changed hands during trading, a decline of 22% from the average session volume of 44,985 shares. The stock had previously closed at $3.32.

InnovAge Price Performance

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 business's fifty day simple moving average is $3.93 and its two-hundred day simple moving average is $3.53.

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). InnovAge had a negative return on equity of 11.91% and a negative net margin of 3.75%. The company had revenue of $218.14 million for the quarter, compared to analyst estimates of $214.09 million. As a group, equities analysts anticipate that InnovAge Holding Corp. will post -0.12 EPS for the current year.

Insider Activity at InnovAge

In related 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 price of $3.73 per share, for a total transaction of $48,490.00. Following the acquisition, the chief operating officer owned 23,000 shares of the company's stock, valued at approximately $85,790. This trade represents a 130.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Richard C. Zoretic purchased 8,450 shares of the company's stock in a transaction on Friday, May 30th. The stock was acquired at an average price of $4.08 per share, with a total value of $34,476.00. Following the purchase, the director owned 68,494 shares of the company's stock, valued at approximately $279,455.52. This represents a 14.07% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 71,653 shares of company stock worth $281,922. Corporate insiders own 1.40% of the company's stock.

Institutional Investors Weigh In On InnovAge

A number of institutional investors and hedge funds have recently made changes to their positions in the business. 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 purchasing an additional 3,485 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of InnovAge by 2.8% in 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. Bank of America Corp DE boosted its position in InnovAge by 42.4% in the 4th quarter. Bank of America Corp DE now owns 19,945 shares of the company's stock valued at $78,000 after buying an additional 5,936 shares during the last quarter. Jane Street Group LLC boosted its holdings in InnovAge by 18.9% in the first quarter. Jane Street Group LLC now owns 46,827 shares of the company's stock valued at $140,000 after purchasing an additional 7,429 shares during the last quarter. Finally, Topline Capital Management LLC increased its stake in shares of InnovAge by 19.4% in the first quarter. Topline Capital Management LLC now owns 70,143 shares of the company's stock worth $209,000 after buying an additional 11,403 shares during the last quarter. 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.