InnovAge (NASDAQ:INNV) Shares Gap Down – Should You Sell?

InnovAge Holding Corp. (NASDAQ:INNV) shares gapped down before the market opened on Friday . The stock had previously closed at $6.17, but opened at $5.97. InnovAge shares last traded at $5.97, with a volume of 3,441 shares.

Wall Street Analyst Weigh In

Separately, KeyCorp assumed coverage on shares of InnovAge in a research note on Friday, October 11th. They set a “sector weight” rating for the company.

InnovAge Stock Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.25 and a quick ratio of 1.25. The stock has a fifty day simple moving average of $5.99 and a two-hundred day simple moving average of $5.21. The firm has a market capitalization of $818.65 million, a P/E ratio of -25.08 and a beta of 0.39.

InnovAge (NASDAQ:INNV) last released its quarterly earnings data on Tuesday, September 10th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.01. The company had revenue of $199.40 million during the quarter, compared to analyst estimates of $190.19 million. InnovAge had a negative net margin of 2.79% and a negative return on equity of 7.43%. During the same quarter in the previous year, the business posted ($0.09) EPS. On average, research analysts predict that InnovAge Holding Corp. will post -0.01 EPS for the current year.

Insider Buying and Selling at InnovAge

In related news, insider Nicole Damato sold 4,372 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $5.95, for a total value of $26,013.40. Following the transaction, the insider now directly owns 240,795 shares in the company, valued at $1,432,730.25. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.41% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in InnovAge by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 1,842,764 shares of the company’s stock worth $8,182,000 after purchasing an additional 13,193 shares in the last quarter. Kent Lake Capital LLC boosted its position in shares of InnovAge by 3.7% during the first quarter. Kent Lake Capital LLC now owns 1,750,000 shares of the company’s stock valued at $7,770,000 after buying an additional 62,141 shares during the last quarter. Accordant Advisory Group Inc bought a new stake in InnovAge during the second quarter worth $496,000. Bank of New York Mellon Corp raised its position in 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 buying an additional 12,448 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in InnovAge by 7.0% during 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 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.