InnovAge (NASDAQ:INNV) Sees Strong Trading Volume – What’s Next?

Shares of InnovAge Holding Corp. (NASDAQ:INNV) saw unusually-strong trading volume on Tuesday . Approximately 76,584 shares were traded during mid-day trading, an increase of 104% from the previous session’s volume of 37,524 shares.The stock last traded at $4.77 and had previously closed at $4.75.

Wall Street Analysts Forecast Growth

Separately, KeyCorp started coverage on shares of InnovAge in a report on Friday, October 11th. They issued a “sector weight” rating for the company.

InnovAge Trading Up 0.6 %

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.21 and a quick ratio of 1.21. The company’s fifty day moving average price is $5.65 and its 200-day moving average price is $5.49. The stock has a market cap of $650.18 million, a price-to-earnings ratio of -40.00 and a beta of 0.39.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($0.04) EPS for the quarter, hitting the consensus estimate of ($0.04). InnovAge had a negative return on equity of 5.68% and a negative net margin of 2.03%. The business had revenue of $205.14 million for the quarter, compared to analyst estimates of $203.35 million. During the same quarter in the previous year, the firm earned ($0.08) EPS. On average, research analysts expect that InnovAge Holding Corp. will post -0.03 EPS for the current fiscal year.

Insider Transactions at InnovAge

In other news, insider Nicole Damato sold 4,372 shares of InnovAge stock in a transaction on Monday, September 16th. The stock was sold at an average price of $5.95, for a total transaction of $26,013.40. Following the transaction, the insider now owns 240,795 shares in the company, valued at $1,432,730.25. The trade was a 1.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.40% of the company’s stock.

Institutional Trading of InnovAge

Institutional investors and hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers raised its holdings in InnovAge by 7.0% in the 2nd quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock valued at $136,000 after buying an additional 1,793 shares during the period. Barclays PLC raised its holdings in InnovAge by 289.0% in the 3rd quarter. Barclays PLC now owns 25,614 shares of the company’s stock valued at $154,000 after buying an additional 19,029 shares during the period. Bank of New York Mellon Corp raised its holdings in InnovAge by 27.1% in the 2nd 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. Accordant Advisory Group Inc purchased a new stake in InnovAge in the 2nd quarter valued at about $496,000. Finally, Renaissance Technologies LLC raised its holdings in InnovAge by 3.1% in the 2nd 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. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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 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.