InnovAge (NASDAQ:INNV) Shares Down 5.5% – Time to Sell?

InnovAge Holding Corp. (NASDAQ:INNV)’s share price dropped 5.5% during trading on Friday . The company traded as low as $4.31 and last traded at $4.33. Approximately 21,272 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 38,194 shares. The stock had previously closed at $4.58.

Wall Street Analyst Weigh In

Separately, KeyCorp initiated coverage on InnovAge in a report on Friday, October 11th. They issued a “sector weight” rating on the stock.

InnovAge Stock Down 5.2 %

The company has a 50-day simple moving average of $5.42 and a 200-day simple moving average of $5.53. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.21 and a quick ratio of 1.21. The firm has a market cap of $587.87 million, a PE ratio of -37.92 and a beta of 0.31.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($0.04) earnings per share for the quarter, meeting the consensus estimate of ($0.04). The firm had revenue of $205.14 million during the quarter, compared to the consensus estimate of $203.35 million. InnovAge had a negative net margin of 2.03% and a negative return on equity of 5.68%. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. Analysts expect that InnovAge Holding Corp. will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Nicole Damato sold 4,372 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $5.95, for a total transaction of $26,013.40. Following the sale, the insider now directly owns 240,795 shares of the company’s stock, valued at $1,432,730.25. The trade was a 1.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On InnovAge

A number of large investors have recently made changes to their positions in the stock. Rhumbline Advisers boosted its holdings in InnovAge by 7.0% in the second quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock valued at $136,000 after purchasing an additional 1,793 shares during the last quarter. Barclays PLC boosted its holdings in InnovAge by 289.0% in the third quarter. Barclays PLC now owns 25,614 shares of the company’s stock valued at $154,000 after purchasing an additional 19,029 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in InnovAge by 27.1% in the second quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock valued at $289,000 after purchasing an additional 12,448 shares during the last quarter. Accordant Advisory Group Inc purchased a new stake in InnovAge in the second quarter valued at $496,000. Finally, Renaissance Technologies LLC boosted its holdings in InnovAge by 3.1% in the second quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock valued at $677,000 after purchasing an additional 4,100 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.