InnovAge (NASDAQ:INNV) Shares Down 3.3% – Should You Sell?

InnovAge Holding Corp. (NASDAQ:INNV)’s stock price dropped 3.3% during mid-day trading on Tuesday . The stock traded as low as $4.08 and last traded at $4.08. Approximately 17,901 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 41,605 shares. The stock had previously closed at $4.22.

Wall Street Analyst Weigh In

Several brokerages have recently commented on INNV. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $5.00 target price on shares of InnovAge in a research note on Tuesday, December 17th. KeyCorp began coverage on shares of InnovAge in a report on Friday, October 11th. They issued a “sector weight” rating on the stock.

InnovAge Price Performance

The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. The company has a 50 day moving average of $5.17 and a 200-day moving average of $5.52. The firm has a market capitalization of $549.95 million, a P/E ratio of -33.83 and a beta of 0.31.

InnovAge (NASDAQ:INNV) last released its quarterly earnings results on Tuesday, November 5th. The company reported ($0.04) EPS for the quarter, meeting the consensus estimate of ($0.04). The business had revenue of $205.14 million for the quarter, compared to the consensus estimate 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 period in the prior year, the company posted ($0.08) earnings per share. On average, sell-side analysts predict that InnovAge Holding Corp. will post -0.06 EPS for the current year.

Institutional Investors Weigh In On InnovAge

Institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its position in shares of InnovAge by 5.5% during the 3rd quarter. Geode Capital Management LLC now owns 527,955 shares of the company’s stock valued at $3,168,000 after acquiring an additional 27,304 shares during the period. State Street Corp raised its stake in InnovAge by 1.2% in the third quarter. State Street Corp now owns 344,905 shares of the company’s stock valued at $2,069,000 after purchasing an additional 4,218 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in InnovAge by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 165,531 shares of the company’s stock worth $993,000 after purchasing an additional 6,153 shares during the period. Renaissance Technologies LLC grew its stake in InnovAge by 3.1% during the second quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock worth $677,000 after buying an additional 4,100 shares in the last quarter. Finally, Bank of New York Mellon Corp increased 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. 12.26% of the stock is currently owned by 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.