InnovAge (NASDAQ:INNV) Sees Unusually-High Trading Volume

Shares of InnovAge Holding Corp. (NASDAQ:INNV) saw unusually-strong trading volume on Friday . Approximately 35,452 shares changed hands during trading, a decline of 7% from the previous session’s volume of 38,166 shares.The stock last traded at $6.04 and had previously closed at $6.10.

InnovAge Price Performance

The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.27. The stock has a 50 day moving average of $6.09 and a 200-day moving average of $5.04. The stock has a market capitalization of $832.25 million, a P/E ratio of -25.42 and a beta of 0.39.

InnovAge (NASDAQ:INNV) last issued its earnings results on Tuesday, September 10th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01. The business had revenue of $199.40 million during the quarter, compared to analyst estimates of $190.19 million. InnovAge had a negative return on equity of 7.43% and a negative net margin of 2.79%. During the same period in the previous year, the company posted ($0.09) EPS.

Insider Buying and Selling at InnovAge

In other InnovAge news, insider Nicole Damato sold 4,372 shares of InnovAge stock in a transaction on Monday, September 16th. The stock was sold at an average price of $5.95, for a total transaction of $26,013.40. Following the completion of the sale, the insider now directly owns 240,795 shares of the company’s stock, valued at approximately $1,432,730.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.41% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers increased its holdings in shares of InnovAge by 7.0% in the 2nd quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock valued at $136,000 after acquiring an additional 1,793 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of InnovAge by 27.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company’s stock valued at $289,000 after acquiring an additional 12,448 shares during the period. Accordant Advisory Group Inc purchased a new position in shares of InnovAge in the 2nd quarter valued at $496,000. Renaissance Technologies LLC increased its holdings in shares of InnovAge by 3.1% in the 2nd quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock valued at $677,000 after acquiring an additional 4,100 shares during the period. Finally, Kent Lake Capital LLC increased its holdings in shares of InnovAge by 3.7% in the 1st quarter. Kent Lake Capital LLC now owns 1,750,000 shares of the company’s stock valued at $7,770,000 after acquiring an additional 62,141 shares during the period. 12.26% of the stock is currently 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 their 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.