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

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

InnovAge Price Performance

INNV stock traded up $0.03 during midday trading on Monday, reaching $4.90. The company had a trading volume of 51,735 shares, compared to its average volume of 37,924. The firm has a 50-day moving average price of $5.60 and a 200-day moving average price of $5.52. The company has a market capitalization of $663.73 million, a P/E ratio of -40.58 and a beta of 0.39. InnovAge has a 1 year low of $3.52 and a 1 year high of $6.69. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.21 and a quick ratio of 1.21.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.04). The company had revenue of $205.14 million during the quarter, compared to analysts’ expectations 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 quarter in the prior year, the company earned ($0.08) EPS. On average, research analysts anticipate that InnovAge will post -0.03 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Insider Buying and Selling

In related news, insider Nicole Damato sold 4,372 shares of the company’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 transaction, the insider now owns 240,795 shares in the company, valued at approximately $1,432,730.25. This represents a 1.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.40% of the stock is owned by insiders.

Institutional Investors Weigh In On InnovAge

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in InnovAge by 0.7% in the first quarter. Vanguard Group Inc. now owns 1,842,764 shares of the company’s stock valued at $8,182,000 after purchasing an additional 13,193 shares during the last quarter. Accordant Advisory Group Inc bought a new stake in InnovAge during the 2nd quarter valued at $496,000. Bank of New York Mellon Corp boosted its position 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 buying an additional 12,448 shares during the period. Rhumbline Advisers grew its stake in shares of InnovAge by 7.0% in the second quarter. Rhumbline Advisers now owns 27,503 shares of the company’s stock worth $136,000 after purchasing an additional 1,793 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in shares of InnovAge by 3.1% in the 2nd quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock worth $677,000 after buying an additional 4,100 shares during the last quarter. Institutional investors own 12.26% of the company’s 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.