InnovAge (NASDAQ:INNV) Stock Price Up 5.1% - Should You Buy?

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report)'s stock price traded up 5.1% during mid-day trading on Wednesday . The stock traded as high as $4.19 and last traded at $4.15. 50,652 shares changed hands during mid-day trading, a decline of 0% from the average session volume of 50,657 shares. The stock had previously closed at $3.95.

InnovAge Price Performance

The stock has a market cap of $598.11 million, a price-to-earnings ratio of -19.26 and a beta of 0.51. The company's 50-day moving average is $3.80 and its 200-day moving average is $3.52. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.04.

InnovAge (NASDAQ:INNV - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates 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 business had revenue of $218.14 million for the quarter, compared to the consensus estimate of $214.09 million. Equities research analysts expect that InnovAge Holding Corp. will post -0.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other InnovAge news, Director Richard C. Zoretic acquired 20,000 shares of InnovAge stock in a transaction on Wednesday, May 28th. The shares were bought 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 owned 45,779 shares in the company, valued at $185,862.74. This trade represents a 77.58% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Michael Anthony Scarbrough purchased 13,000 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was bought at an average cost of $3.73 per share, with a total value of $48,490.00. Following the acquisition, the chief operating officer owned 23,000 shares of the company's stock, valued at $85,790. This represents a 130.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders acquired 71,653 shares of company stock worth $281,922. Insiders own 1.40% of the company's stock.

Institutional Trading of InnovAge

Hedge funds and other institutional investors have recently modified their holdings of the stock. Squarepoint Ops LLC acquired a new stake in shares of InnovAge in the fourth quarter valued at approximately $68,000. Bank of America Corp DE increased its holdings in shares of InnovAge by 42.4% in the fourth quarter. Bank of America Corp DE now owns 19,945 shares of the company's stock valued at $78,000 after purchasing an additional 5,936 shares in the last quarter. Barclays PLC increased 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. BNP Paribas Financial Markets acquired a new stake in shares of InnovAge in the fourth quarter valued at approximately $123,000. Finally, Jane Street Group LLC increased 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 purchasing an additional 27,481 shares in the last quarter. Institutional investors and hedge funds 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.