InnovAge (NASDAQ:INNV) Stock Price Up 5% – Should You Buy?

InnovAge Holding Corp. (NASDAQ:INNV) was up 5% on Wednesday . The stock traded as high as $5.01 and last traded at $5.01. Approximately 2,730 shares changed hands during trading, a decline of 93% from the average daily volume of 37,955 shares. The stock had previously closed at $4.77.

Wall Street Analyst Weigh In

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

InnovAge Stock Up 1.5 %

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.21. The firm has a market capitalization of $655.63 million, a price-to-earnings ratio of -39.75 and a beta of 0.39. The business’s 50-day moving average is $5.67 and its two-hundred day moving average is $5.50.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.04). The business had revenue of $205.14 million during the quarter, compared to the consensus estimate of $203.35 million. InnovAge had a negative return on equity of 5.68% and a negative net margin of 2.03%. During the same period last year, the company earned ($0.08) earnings per share. On average, equities analysts anticipate that InnovAge Holding Corp. will post -0.03 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Nicole Damato sold 4,372 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $5.95, for a total value of $26,013.40. Following the sale, the insider now directly owns 240,795 shares of the company’s stock, valued at approximately $1,432,730.25. This represents a 1.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On InnovAge

Several hedge funds and other institutional investors have recently made changes to their positions in INNV. Vanguard Group Inc. increased its holdings in shares of 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 buying an additional 13,193 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of InnovAge by 7.0% during the second quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock worth $136,000 after purchasing an additional 1,793 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of 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 period. Bank of New York Mellon Corp raised its holdings 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, Barclays PLC grew its holdings in InnovAge by 289.0% during the 3rd quarter. Barclays PLC now owns 25,614 shares of the company’s stock worth $154,000 after acquiring an additional 19,029 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.