InnovAge (NASDAQ:INNV) Trading Up 5.1% - Here's Why

Shares of InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) 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 were traded 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 company has a market cap of $560.29 million, a P/E ratio of -18.04 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 company has a fifty day moving average price of $3.75 and a two-hundred day moving average price of $3.52.

InnovAge (NASDAQ:INNV - Get Free Report) last posted 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). The company had revenue of $218.14 million during the quarter, compared to analyst estimates of $214.09 million. InnovAge had a negative net margin of 3.75% and a negative return on equity of 11.91%. On average, sell-side analysts anticipate that InnovAge Holding Corp. will post -0.12 earnings per share for the current fiscal year.

Insider Buying and Selling at InnovAge

In other InnovAge news, Director Richard C. Zoretic bought 20,000 shares of the stock in a transaction on Wednesday, May 28th. The stock was acquired at an average cost of $4.06 per share, for a total transaction of $81,200.00. Following the completion of the acquisition, the director owned 45,779 shares in the company, valued at $185,862.74. This trade represents a 77.58% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, COO Michael Anthony Scarbrough acquired 13,000 shares of InnovAge stock in a transaction dated Monday, May 12th. The shares were bought at an average cost of $3.73 per share, with a total value of $48,490.00. Following the transaction, 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 disclosure for this purchase can be found here. In the last 90 days, insiders purchased 71,653 shares of company stock worth $281,922. 1.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Barclays PLC raised its holdings in shares of InnovAge by 13.6% during 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 during the period. Jane Street Group LLC increased its position in InnovAge by 230.6% in the 4th 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 in the last quarter. Squarepoint Ops LLC acquired a new position in InnovAge during the 4th quarter worth approximately $68,000. BNP Paribas Financial Markets bought a new position in InnovAge in the fourth quarter worth approximately $123,000. Finally, T. Rowe Price Investment Management Inc. grew its stake in 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 acquiring 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.

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