InnovAge (NASDAQ:INNV) Trading Down 3.3% - Here's What Happened

Shares of InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) were down 3.3% during mid-day trading on Tuesday . The company traded as low as $4.08 and last traded at $4.08. Approximately 17,901 shares changed hands during trading, a decline of 57% from the average daily volume of 41,605 shares. The stock had previously closed at $4.22.

Wall Street Analyst Weigh In

INNV has been the subject of several analyst reports. JPMorgan Chase & Co. reiterated an "underweight" rating and set a $5.00 price objective on shares of InnovAge in a report on Tuesday, December 17th. KeyCorp began coverage on InnovAge in a research note on Friday, October 11th. They issued a "sector weight" rating for the company.

InnovAge Stock Performance

The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. The company has a market cap of $549.95 million, a PE ratio of -33.83 and a beta of 0.31. The firm's 50-day simple moving average is $5.17 and its two-hundred day simple moving average is $5.52.

InnovAge (NASDAQ:INNV - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.04). The firm had revenue of $205.14 million during the quarter, compared to analysts' expectations 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 business posted ($0.08) earnings per share. As a group, research analysts anticipate that InnovAge Holding Corp. will post -0.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its holdings in shares of InnovAge by 27.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 58,322 shares of the company's stock valued at $289,000 after purchasing an additional 12,448 shares in the last quarter. Rhumbline Advisers raised its position in shares of InnovAge by 7.0% in the second quarter. Rhumbline Advisers now owns 27,503 shares of the company's stock worth $136,000 after acquiring an additional 1,793 shares during the period. Renaissance Technologies LLC boosted its stake in shares of InnovAge by 3.1% during the 2nd quarter. Renaissance Technologies LLC now owns 136,400 shares of the company's stock worth $677,000 after acquiring an additional 4,100 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of InnovAge by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company's stock valued at $993,000 after purchasing an additional 6,153 shares in the last quarter. Finally, State Street Corp raised its holdings in InnovAge by 1.2% in the 3rd quarter. State Street Corp now owns 344,905 shares of the company's stock worth $2,069,000 after purchasing an additional 4,218 shares during the period. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.