InnovAge (NASDAQ:INNV) Stock Price Down 5.6% – Should You Sell?

by · The Cerbat Gem

InnovAge Holding Corp. (NASDAQ:INNV – Get Free Report) dropped 5.6% on Tuesday . The stock traded as low as $5.13 and last traded at $5.1650. Approximately 49,205 shares changed hands during mid-day trading, a decline of 25% from the average daily volume of 65,579 shares. The stock had previously closed at $5.47.

Wall Street Analyst Weigh In

INNV has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. began coverage on InnovAge in a research report on Thursday, September 18th. They set an “underweight” rating and a $5.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of InnovAge in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of InnovAge to a “strong-buy” rating in a report on Saturday, November 8th. Two equities research analysts have rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Sell” and an average target price of $5.00.

Read Our Latest Analysis on InnovAge

InnovAge Stock Up 1.4%

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 50 day moving average of $5.15 and a two-hundred day moving average of $4.38. The firm has a market capitalization of $698.75 million, a price-to-earnings ratio of -39.62 and a beta of 0.57.

InnovAge (NASDAQ:INNV – Get Free Report) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.05. The company had revenue of $236.11 million for the quarter, compared to the consensus estimate of $226.64 million. InnovAge had a negative net margin of 1.96% and a negative return on equity of 7.02%. As a group, sell-side analysts anticipate that InnovAge Holding Corp. will post -0.12 EPS for the current fiscal year.

Insider Buying and Selling at InnovAge

In other news, COO Michael Anthony Scarbrough sold 33,000 shares of the company’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $4.90, for a total transaction of $161,700.00. Following the completion of the transaction, the chief operating officer directly owned 119,617 shares in the company, valued at approximately $586,123.30. This represents a 21.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On InnovAge

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. State of Alaska Department of Revenue acquired a new stake in shares of InnovAge during the third quarter valued at about $33,000. Police & Firemen s Retirement System of New Jersey bought a new position in InnovAge in the 2nd quarter valued at approximately $32,000. JPMorgan Chase & Co. boosted its position in InnovAge by 26.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company’s stock worth $83,000 after buying an additional 3,305 shares during the period. Bank of America Corp DE boosted its position in InnovAge by 42.4% during the 4th 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 during the period. Finally, Los Angeles Capital Management LLC bought a new stake in InnovAge during the 2nd quarter worth approximately $110,000. Institutional investors own 12.26% of the company’s stock.

About InnovAge

(Get Free Report)

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.

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