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

InnovAge Holding Corp. (NASDAQ:INNV) was the target of a large decrease in short interest in the month of November. As of November 15th, there was short interest totalling 303,300 shares, a decrease of 7.5% from the October 31st total of 327,900 shares. Approximately 1.5% of the shares of the company are short sold. Based on an average daily trading volume, of 39,700 shares, the short-interest ratio is presently 7.6 days.

InnovAge Price Performance

Shares of INNV opened at $4.90 on Tuesday. InnovAge has a 12-month low of $3.52 and a 12-month high of $6.69. The stock’s 50-day moving average price is $5.58 and its 200 day moving average price is $5.52. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.21.

InnovAge (NASDAQ:INNV) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($0.04) EPS for the quarter, hitting analysts’ consensus estimates of ($0.04). The company had revenue of $205.14 million during the quarter, compared to the consensus estimate of $203.35 million. InnovAge had a negative net margin of 2.03% and a negative return on equity of 5.68%. During the same period last year, the firm earned ($0.08) EPS. On average, analysts predict that InnovAge will post -0.03 earnings per share for the current year.

Insider Buying and Selling

In other InnovAge news, insider Nicole Damato sold 4,372 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $5.95, for a total value of $26,013.40. Following the sale, the insider now owns 240,795 shares of the company’s stock, valued at $1,432,730.25. This trade represents a 1.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of INNV. Rhumbline Advisers lifted its holdings in 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 during the last quarter. Renaissance Technologies LLC raised its stake in shares of 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 acquiring an additional 4,100 shares during the last quarter. State Street Corp boosted its holdings in shares of InnovAge by 1.2% in the 3rd quarter. State Street Corp now owns 344,905 shares of the company’s stock worth $2,069,000 after acquiring an additional 4,218 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in InnovAge by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock worth $993,000 after acquiring an additional 6,153 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings 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 valued at $289,000 after purchasing an additional 12,448 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, KeyCorp assumed coverage on shares of InnovAge in a research note on Friday, October 11th. They issued 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.