InnovAge (NASDAQ:INNV) Trading Up 4.4% – Still a Buy?

Shares of InnovAge Holding Corp. (NASDAQ:INNV) were up 4.4% during trading on Wednesday . The stock traded as high as $5.70 and last traded at $5.68. Approximately 4,849 shares were traded during trading, a decline of 87% from the average daily volume of 38,194 shares. The stock had previously closed at $5.44.

Wall Street Analysts Forecast Growth

Separately, KeyCorp assumed coverage on shares of InnovAge in a report on Friday. They set a “sector weight” rating on the stock.

InnovAge Stock Up 6.1 %

The firm has a market cap of $804.23 million, a PE ratio of -36.00 and a beta of 0.39. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.25 and a current ratio of 1.25. The company’s 50-day simple moving average is $5.98 and its two-hundred day simple moving average is $5.14.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings results 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. InnovAge had a negative net margin of 2.79% and a negative return on equity of 7.43%. The business had revenue of $199.40 million during the quarter, compared to analysts’ expectations of $190.19 million. During the same quarter in the prior year, the company posted ($0.09) EPS. On average, analysts predict that InnovAge Holding Corp. will post -0.01 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Nicole Damato sold 4,372 shares of InnovAge stock in a transaction dated 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 owns 240,795 shares of the company’s stock, valued at approximately $1,432,730.25. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.41% of the company’s stock.

Institutional Investors Weigh In On InnovAge

Several hedge funds have recently bought and sold shares of INNV. Vanguard Group Inc. boosted its stake in InnovAge by 0.7% during the first quarter. Vanguard Group Inc. now owns 1,842,764 shares of the company’s stock worth $8,182,000 after acquiring an additional 13,193 shares in the last quarter. Kent Lake Capital LLC boosted its stake in InnovAge by 3.7% during the first quarter. Kent Lake Capital LLC now owns 1,750,000 shares of the company’s stock worth $7,770,000 after acquiring an additional 62,141 shares in the last quarter. Accordant Advisory Group Inc purchased a new position in InnovAge in the second quarter worth about $496,000. Bank of New York Mellon Corp raised 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 worth $289,000 after buying an additional 12,448 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in InnovAge by 7.0% in the second quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock worth $136,000 after buying an additional 1,793 shares during the last quarter. Institutional investors 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.