InnovAge (NASDAQ:INNV) Stock Price Down 4.1% – Should You Sell?

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

Analyst Ratings Changes

A number of research analysts recently commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of InnovAge in a report on Wednesday, October 8th. Wall Street Zen upgraded InnovAge to a “strong-buy” rating in a research report on Saturday, November 8th. Finally, JPMorgan Chase & Co. started coverage on InnovAge in a report on Thursday, September 18th. They set an “underweight” rating and a $5.00 price target for the company. Two research analysts have rated the stock with a Sell rating, According to MarketBeat.com, the company has a consensus rating of “Sell” and an average target price 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 market capitalization of $791.02 million, a PE ratio of -44.69 and a beta of 0.57. The firm has a 50-day moving average price of $5.19 and a 200 day moving average price of $4.47.

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

Insider Buying and Selling at InnovAge

In related news, COO Michael Anthony Scarbrough sold 33,000 shares of InnovAge stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $4.90, for a total value of $161,700.00. Following the completion of the transaction, the chief operating officer 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On InnovAge

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INNV. State of Alaska Department of Revenue acquired a new stake in shares of InnovAge in the third quarter valued at $33,000. Police & Firemen s Retirement System of New Jersey acquired a new stake in InnovAge in the 2nd quarter valued at about $32,000. JPMorgan Chase & Co. boosted its stake in shares of InnovAge by 26.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock valued at $83,000 after buying an additional 3,305 shares during the period. Bank of America Corp DE grew its position in shares of InnovAge by 42.4% during the fourth quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock worth $78,000 after buying an additional 5,936 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of InnovAge during the second quarter worth approximately $110,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.