InnovAge (NASDAQ:INNV) Shares Gap Down - Should You Sell?

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report)'s share price gapped down prior to trading on Friday . The stock had previously closed at $6.17, but opened at $5.97. InnovAge shares last traded at $5.97, with a volume of 3,441 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, KeyCorp began coverage on shares of InnovAge in a research note on Friday, October 11th. They issued a "sector weight" rating on the stock.

InnovAge Price Performance

The stock has a market capitalization of $818.65 million, a PE ratio of -25.08 and a beta of 0.39. The stock's 50 day moving average is $5.99 and its two-hundred day moving average is $5.21. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.25 and a current ratio of 1.25.

InnovAge (NASDAQ:INNV - Get Free Report) last released its earnings results on Tuesday, September 10th. The company reported ($0.01) earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $190.19 million. During the same period last year, the company posted ($0.09) EPS. On average, equities analysts anticipate that InnovAge Holding Corp. will post -0.01 EPS for the current fiscal year.

Insiders Place Their Bets

In other InnovAge 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 value of $26,013.40. Following the transaction, the insider now directly owns 240,795 shares of the company's stock, valued at $1,432,730.25. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.41% of the company's stock.

Institutional Trading of InnovAge

Several institutional investors have recently made changes to their positions in the company. Rhumbline Advisers raised its position in shares of InnovAge by 7.0% during the 2nd quarter. Rhumbline Advisers now owns 27,503 shares of the company's stock valued at $136,000 after buying an additional 1,793 shares during the period. Renaissance Technologies LLC raised its position in shares of InnovAge by 3.1% during the 2nd 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 position 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 buying an additional 12,448 shares during the period. Vanguard Group Inc. raised its position in shares of InnovAge by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 1,842,764 shares of the company's stock valued at $8,182,000 after buying an additional 13,193 shares during the period. Finally, Kent Lake Capital LLC raised its position in shares of InnovAge by 3.7% during the 1st quarter. Kent Lake Capital LLC now owns 1,750,000 shares of the company's stock valued at $7,770,000 after buying an additional 62,141 shares during the period. Hedge funds and other institutional investors own 12.26% of the company's stock.

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.