InnovAge (NASDAQ:INNV) Stock Price Down 4.1% – Here’s Why

InnovAge Holding Corp. (NASDAQ:INNV)’s share price traded down 4.1% on Friday . The company traded as low as $5.78 and last traded at $5.7420. 43,589 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 72,549 shares. The stock had previously closed at $5.99.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on INNV shares. JPMorgan Chase & Co. initiated coverage on InnovAge in a research note on Thursday, September 18th. They issued an “underweight” rating and a $5.00 price target for the company. Wall Street Zen upgraded InnovAge to a “strong-buy” rating in a research report on Saturday, November 8th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of InnovAge in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Sell rating, According to MarketBeat, InnovAge has a consensus rating of “Sell” and a consensus price target of $5.00.

InnovAge Stock Performance

The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.25. The firm has a 50-day moving average price of $5.19 and a two-hundred day moving average price of $4.47. The firm has a market cap of $791.02 million, a PE ratio of -44.69 and a beta of 0.57.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.01 by $0.05. The firm had revenue of $236.11 million during the quarter, compared to the consensus estimate of $226.64 million. InnovAge had a negative return on equity of 7.02% and a negative net margin of 1.96%. Research analysts forecast that InnovAge Holding Corp. will post -0.12 EPS for the current fiscal year.

Insider Buying and Selling at InnovAge

In related news, COO Michael Anthony Scarbrough sold 33,000 shares of the business’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $4.90, for a total transaction of $161,700.00. Following the transaction, the chief operating officer directly owned 119,617 shares in the company, valued at approximately $586,123.30. The trade was a 21.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of InnovAge by 0.4% in the third quarter. Vanguard Group Inc. now owns 1,124,321 shares of the company’s stock valued at $5,801,000 after purchasing an additional 4,239 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in InnovAge by 26.0% during the third quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock worth $83,000 after buying an additional 3,305 shares during the last quarter. State of Alaska Department of Revenue purchased a new stake in InnovAge in the 3rd quarter valued at $33,000. Kent Lake PR LLC increased its stake in shares of InnovAge by 13.1% in the 2nd quarter. Kent Lake PR LLC now owns 1,697,036 shares of the company’s stock worth $6,262,000 after acquiring an additional 197,036 shares during the last quarter. Finally, Welch Capital Partners LLC NY raised its holdings in shares of InnovAge by 22.6% during the 2nd quarter. Welch Capital Partners LLC NY now owns 448,775 shares of the company’s stock worth $1,656,000 after acquiring an additional 82,868 shares during the period. 12.26% of the stock is owned by hedge funds and other institutional investors.

About InnovAge

InnovAge Holdings, Inc (NASDAQ:INNV) is a healthcare services company that specializes in caring for seniors through the Program of All-Inclusive Care for the Elderly (PACE). Designed for individuals who are eligible for both Medicare and Medicaid, the PACE model integrates medical care, social services and long-term care—delivered primarily in participants’ homes and community-based centers. InnovAge’s approach centers on interdisciplinary care teams that coordinate everything from primary and specialty medical services to nutritional counseling and recreational activities.

The company’s core offerings include comprehensive in-home assessments, physician and nursing services, physical and occupational therapy, prescription medication management, and transportation to medical appointments.