InnovAge (NASDAQ:INNV) Shares Down 5.7% - Here's What Happened

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.

Shares of InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) fell 5.7% during mid-day trading on Friday . The company traded as low as $3.13 and last traded at $3.13. 34,983 shares traded 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 market cap of $460.38 million, a P/E ratio of -14.82 and a beta of 0.51. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm's fifty day moving average is $3.91 and its two-hundred day moving average is $3.53.

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). InnovAge had a negative net margin of 3.75% and a negative return on equity of 11.91%. The business had revenue of $218.14 million for the quarter, compared to analysts' expectations of $214.09 million. As a group, analysts anticipate that InnovAge Holding Corp. will post -0.12 earnings per share for the current fiscal year.

Insider Transactions at InnovAge

In other InnovAge news, COO Michael Anthony Scarbrough acquired 13,000 shares of the company's stock in a transaction dated Monday, May 12th. The shares were 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 in the company, valued at approximately $85,790. This trade represents a 130.00% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Richard C. Zoretic bought 20,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The shares were purchased at an average cost of $4.06 per share, with a total value of $81,200.00. Following the transaction, the director directly owned 45,779 shares of the company's stock, valued at $185,862.74. The trade was a 77.58% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 71,653 shares of company stock worth $281,922 over the last 90 days. Insiders own 1.40% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. T. Rowe Price Investment Management Inc. grew its position 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 purchasing an additional 281,551 shares during the period. Strs Ohio acquired a new position in InnovAge during the first quarter worth about $186,000. Topline Capital Management LLC purchased a new position in InnovAge during the fourth quarter worth about $231,000. Jacobs Levy Equity Management Inc. purchased a new position in InnovAge during the first quarter worth about $166,000. Finally, Nuveen LLC purchased a new position in InnovAge during the first quarter worth about $159,000. Hedge funds and other institutional investors 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.