InnovAge Holding Corp. (NASDAQ:INNV) Short Interest Update

InnovAge Holding Corp. (NASDAQ:INNV) was the target of a large increase in short interest in the month of October. As of October 15th, there was short interest totalling 338,800 shares, an increase of 7.8% from the September 30th total of 314,300 shares. Approximately 1.6% of the shares of the company are short sold. Based on an average daily trading volume, of 43,600 shares, the short-interest ratio is presently 7.8 days.

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 value of $26,013.40. Following the completion of the sale, the insider now directly owns 240,795 shares of the company’s stock, valued at $1,432,730.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.41% of the stock is owned by insiders.

Hedge Funds Weigh In On InnovAge

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Rhumbline Advisers boosted its position in shares of InnovAge by 7.0% during the 2nd quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock valued at $136,000 after purchasing an additional 1,793 shares in the last quarter. Bank of New York Mellon Corp increased its position 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 worth $289,000 after buying an additional 12,448 shares during the last quarter. Accordant Advisory Group Inc bought a new position in shares of InnovAge in the second quarter worth $496,000. Renaissance Technologies LLC boosted its stake in InnovAge by 3.1% during 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. Finally, Kent Lake Capital LLC raised 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 valued at $7,770,000 after purchasing an additional 62,141 shares in the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

InnovAge Stock Performance

Shares of INNV traded down $0.10 during trading hours on Thursday, hitting $5.80. The company had a trading volume of 17,125 shares, compared to its average volume of 37,085. 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 business has a fifty day moving average of $5.95 and a 200-day moving average of $5.30. InnovAge has a 12 month low of $3.52 and a 12 month high of $6.61. The firm has a market cap of $785.88 million, a price-to-earnings ratio of -36.25 and a beta of 0.39.

InnovAge (NASDAQ:INNV) last released its quarterly earnings results on Tuesday, September 10th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate 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 business had revenue of $199.40 million for the quarter, compared to the consensus estimate of $190.19 million. During the same period in the prior year, the company posted ($0.09) earnings per share.

Analyst Upgrades and Downgrades

Separately, KeyCorp assumed coverage on shares of InnovAge in a research note on Friday, October 11th. They set a “sector weight” rating on the stock.

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.