InnovAge (NASDAQ:INNV) Shares Gap Up – Time to Buy?

Shares of InnovAge Holding Corp. (NASDAQ:INNV) 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.

Wall Street Analyst Weigh In

Separately, KeyCorp started coverage on InnovAge in a research note on Friday, October 11th. They set a “sector weight” rating for the company.

InnovAge Price Performance

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’s 50-day simple moving average is $5.99 and its 200 day simple moving average is $5.22. The company has a market capitalization of $794.17 million, a P/E ratio of -24.38 and a beta of 0.39.

InnovAge (NASDAQ:INNV) last announced its quarterly 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. The company had revenue of $199.40 million during 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, sell-side analysts expect that InnovAge Holding Corp. will post -0.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Nicole Damato sold 4,372 shares of InnovAge 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 owns 240,795 shares of the company’s stock, valued at $1,432,730.25. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.41% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in INNV. Vanguard Group Inc. boosted its holdings in InnovAge by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 1,842,764 shares of the company’s stock valued at $8,182,000 after purchasing an additional 13,193 shares during the period. Kent Lake Capital LLC raised its holdings in InnovAge by 3.7% during the 1st quarter. Kent Lake Capital LLC now owns 1,750,000 shares of the company’s stock worth $7,770,000 after purchasing an additional 62,141 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in InnovAge by 3.1% in the second 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. Accordant Advisory Group Inc acquired a new position in shares of InnovAge in the 2nd quarter valued at $496,000. Finally, Bank of New York Mellon Corp lifted its stake in InnovAge by 27.1% in the second 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. 12.26% of the stock is 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.