InnovAge Holding Corp. (NASDAQ:INNV) Sees Large Growth in Short Interest

InnovAge Holding Corp. (NASDAQ:INNV) was the target of a significant increase in short interest in October. As of October 15th, there was short interest totalling 338,800 shares, an increase of 7.8% from the September 30th total of 314,300 shares. Based on an average daily volume of 43,600 shares, the short-interest ratio is currently 7.8 days. Currently, 1.6% of the company’s stock are sold short.

Insider Transactions at InnovAge

In other InnovAge news, insider Nicole Damato sold 4,372 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $5.95, for a total value of $26,013.40. Following the sale, the insider now directly owns 240,795 shares of the company’s stock, valued at approximately $1,432,730.25. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.41% of the company’s stock.

Institutional Trading of InnovAge

A number of hedge funds and other institutional investors have recently made changes to their positions in INNV. Vanguard Group Inc. raised its holdings in shares of InnovAge by 0.7% during the first quarter. Vanguard Group Inc. now owns 1,842,764 shares of the company’s stock valued at $8,182,000 after acquiring an additional 13,193 shares during the period. Kent Lake Capital LLC raised its holdings in shares of InnovAge by 3.7% during the first quarter. Kent Lake Capital LLC now owns 1,750,000 shares of the company’s stock valued at $7,770,000 after acquiring an additional 62,141 shares during the period. Accordant Advisory Group Inc acquired a new stake in shares of InnovAge during the second quarter valued at approximately $496,000. Bank of New York Mellon Corp increased its stake 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. Finally, Rhumbline Advisers increased its stake 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. 12.26% of the stock is currently owned by institutional investors.

InnovAge Price Performance

Shares of INNV stock traded down $0.10 during trading hours on Thursday, hitting $5.80. The company’s stock had a trading volume of 17,125 shares, compared to its average volume of 37,085. The business has a fifty day moving average of $5.95 and a 200-day moving average of $5.30. The stock has a market cap of $785.88 million, a price-to-earnings ratio of -36.25 and a beta of 0.39. InnovAge has a twelve month low of $3.52 and a twelve month high of $6.61. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.27.

InnovAge (NASDAQ:INNV) last posted its quarterly earnings results on Tuesday, September 10th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. The company had revenue of $199.40 million for the quarter, compared to the consensus estimate of $190.19 million. InnovAge had a negative net margin of 2.79% and a negative return on equity of 7.43%. During the same quarter last year, the firm posted ($0.09) earnings per share.

Wall Street Analysts Forecast Growth

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

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.