InnovAge (NASDAQ:INNV) Stock Price Down 3.2%

InnovAge Holding Corp. (NASDAQ:INNV - Get Free Report)'s stock price traded down 3.2% on Monday . The company traded as low as $5.80 and last traded at $5.80. 515 shares traded hands during trading, a decline of 99% from the average session volume of 38,578 shares. The stock had previously closed at $5.99.

InnovAge Price Performance

The company's 50 day moving average is $6.08 and its 200 day moving average is $5.10. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $815.93 million, a price-to-earnings ratio of -25.00 and a beta of 0.39.

InnovAge (NASDAQ:INNV - Get Free Report) last released its quarterly earnings data on Tuesday, September 10th. The company reported ($0.01) EPS 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 firm had revenue of $199.40 million for the quarter, compared to the consensus estimate of $190.19 million. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. Research analysts anticipate that InnovAge Holding Corp. will post -0.01 EPS for the current fiscal year.

Insider Buying and Selling

In other InnovAge news, insider Nicole Damato sold 4,372 shares of the stock in a transaction 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 transaction, the insider now directly owns 240,795 shares in the company, valued at approximately $1,432,730.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On InnovAge

Several hedge funds have recently made changes to their positions in the business. Rhumbline Advisers lifted 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 worth $136,000 after buying an additional 1,793 shares during the last quarter. Bank of New York Mellon Corp lifted its position in InnovAge by 27.1% during the 2nd 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. Accordant Advisory Group Inc acquired a new position in InnovAge during the 2nd quarter worth about $496,000. Renaissance Technologies LLC lifted its position in 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 purchasing an additional 4,100 shares during the period. Finally, Kent Lake Capital LLC raised its position in shares of 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 acquiring an additional 62,141 shares during the period. Institutional investors and hedge funds 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 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.