InnovAge (NASDAQ:INNV) Shares Gap Up - Still a Buy?

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $5.82, but opened at $5.95. InnovAge shares last traded at $5.95, with a volume of 1,223 shares changing hands.

Analyst Upgrades and Downgrades

Separately, KeyCorp initiated 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 market cap of $803.69 million, a PE ratio of -24.63 and a beta of 0.39. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.27. The company has a 50-day moving average of $5.99 and a 200-day moving average of $5.23.

InnovAge (NASDAQ:INNV - Get Free Report) last posted its quarterly earnings data on Tuesday, September 10th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.01. The business had revenue of $199.40 million for the quarter, compared to analysts' expectations of $190.19 million. InnovAge had a negative return on equity of 7.43% and a negative net margin of 2.79%. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. As a group, analysts anticipate that InnovAge Holding Corp. will post -0.01 earnings per share for the current year.

Insider Activity at InnovAge

In related news, insider Nicole Damato sold 4,372 shares of the business's stock in a transaction on Monday, September 16th. The stock was sold at an average price of $5.95, for a total transaction of $26,013.40. Following the sale, the insider now directly owns 240,795 shares in the company, valued at approximately $1,432,730.25. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

Institutional Trading of InnovAge

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in 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. Kent Lake Capital LLC grew its position in InnovAge by 3.7% during the first quarter. Kent Lake Capital LLC now owns 1,750,000 shares of the company's stock worth $7,770,000 after buying an additional 62,141 shares in the last quarter. Accordant Advisory Group Inc purchased a new position in InnovAge during the second quarter worth about $496,000. Bank of New York Mellon Corp grew its position in 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 buying an additional 12,448 shares in the last quarter. Finally, Rhumbline Advisers grew its position in InnovAge by 7.0% during 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 in the last quarter. 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.