InnovAge (NASDAQ:INNV) Reaches New 1-Year High – Here’s Why

InnovAge Holding Corp. (NASDAQ:INNV)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $6.64 and last traded at $6.43, with a volume of 13041 shares. The stock had previously closed at $6.07.

Wall Street Analysts Forecast Growth

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

InnovAge Stock Performance

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 has a market capitalization of $853.62 million, a PE ratio of -50.00 and a beta of 0.39. The company has a 50 day moving average price of $5.92 and a 200 day moving average price of $5.36.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($0.04) earnings per share for the quarter, hitting the consensus estimate of ($0.04). The company had revenue of $205.14 million during the quarter, compared to analyst estimates of $203.35 million. InnovAge had a negative net margin of 2.79% and a negative return on equity of 7.43%. During the same period last year, the business earned ($0.08) EPS. Equities analysts forecast that InnovAge Holding Corp. will post -0.02 EPS for the current year.

Insider Activity at InnovAge

In other news, insider Nicole Damato sold 4,372 shares of InnovAge stock in a transaction that occurred 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 completion of the transaction, the insider now owns 240,795 shares in the company, valued at approximately $1,432,730.25. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.41% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On InnovAge

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in shares of InnovAge by 0.7% in 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 during the last quarter. Rhumbline Advisers increased its position 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 period. Renaissance Technologies LLC lifted its stake 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 buying an additional 4,100 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of InnovAge by 27.1% during the second 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. Finally, Accordant Advisory Group Inc bought a new position in shares of InnovAge during the second quarter worth about $496,000. 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.