InnovAge (NASDAQ:INNV) Shares Up 5% – Time to Buy?

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

Analysts Set New Price Targets

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

InnovAge Price Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.21 and a quick ratio of 1.21. The stock has a market capitalization of $655.63 million, a PE ratio of -39.75 and a beta of 0.39. The company has a 50-day moving average of $5.67 and a two-hundred day moving average of $5.50.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.04). The firm 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 quarter in the previous year, the business earned ($0.08) earnings per share. Sell-side analysts predict that InnovAge Holding Corp. will post -0.03 EPS for the current fiscal year.

Insider Buying and Selling at InnovAge

In other news, insider Nicole Damato sold 4,372 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were 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 owns 240,795 shares of the company’s stock, valued at approximately $1,432,730.25. This trade represents a 1.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On InnovAge

Several hedge funds and other institutional investors have recently bought and sold shares of INNV. Accordant Advisory Group Inc acquired a new stake in shares of InnovAge during the second quarter valued at approximately $496,000. Geode Capital Management LLC lifted its holdings in shares of InnovAge by 5.5% in the third quarter. Geode Capital Management LLC now owns 527,955 shares of the company’s stock valued at $3,168,000 after purchasing an additional 27,304 shares in the last quarter. Barclays PLC boosted its position in shares of InnovAge by 289.0% in the third quarter. Barclays PLC now owns 25,614 shares of the company’s stock worth $154,000 after buying an additional 19,029 shares during the period. Vanguard Group Inc. lifted its stake in 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 acquiring an additional 13,193 shares in the last quarter. Finally, 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 worth $289,000 after purchasing an additional 12,448 shares during the period. 12.26% of the stock is currently owned by 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 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.