InnovAge Holding Corp. (NASDAQ:INNV) Sees Significant Drop in Short Interest

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report) was the target of a large decline in short interest during the month of July. As of July 31st, there was short interest totalling 391,300 shares, a decline of 8.2% from the July 15th total of 426,300 shares. Based on an average trading volume of 51,900 shares, the days-to-cover ratio is presently 7.5 days. Approximately 1.8% of the shares of the company are short sold.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC boosted its stake in InnovAge by 3.1% in the 2nd quarter. Renaissance Technologies LLC now owns 136,400 shares of the company's stock valued at $677,000 after purchasing an additional 4,100 shares during the period. Rhumbline Advisers grew its stake in shares of InnovAge by 7.0% in the second quarter. Rhumbline Advisers now owns 27,503 shares of the company's stock valued at $136,000 after acquiring an additional 1,793 shares in the last quarter. Bank of New York Mellon Corp increased 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 acquiring an additional 12,448 shares during the period. Accordant Advisory Group Inc acquired a new stake in InnovAge in the 2nd quarter worth about $496,000. Finally, Kent Lake Capital LLC boosted its holdings in InnovAge by 3.7% in the 1st quarter. Kent Lake Capital LLC now owns 1,750,000 shares of the company's stock valued at $7,770,000 after purchasing an additional 62,141 shares during the period. Institutional investors and hedge funds own 12.26% of the company's stock.

InnovAge Stock Performance

InnovAge stock traded down $0.05 during mid-day trading on Friday, hitting $6.17. 38,759 shares of the company's stock traded hands, compared to its average volume of 36,990. InnovAge has a fifty-two week low of $3.52 and a fifty-two week high of $7.73. The stock has a market cap of $839.05 million, a price-to-earnings ratio of -25.71 and a beta of 0.39. The firm has a 50 day simple moving average of $5.49 and a two-hundred day simple moving average of $4.89. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.25 and a quick ratio of 1.25.

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 their 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.