Squarepoint Ops LLC Takes $68,000 Position in InnovAge Holding Corp. (NASDAQ:INNV)

Squarepoint Ops LLC purchased a new stake in InnovAge Holding Corp. (NASDAQ:INNV) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 17,272 shares of the company’s stock, valued at approximately $68,000.

Other hedge funds have also recently made changes to their positions in the company. Bank of America Corp DE raised its holdings in shares of InnovAge by 42.4% in the 4th quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock valued at $78,000 after purchasing an additional 5,936 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in InnovAge during the 4th quarter worth $123,000. Jane Street Group LLC grew its position in InnovAge by 230.6% during the 4th quarter. Jane Street Group LLC now owns 39,398 shares of the company’s stock worth $155,000 after purchasing an additional 27,481 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of InnovAge by 4.7% in the fourth quarter. Northern Trust Corp now owns 330,099 shares of the company’s stock valued at $1,297,000 after acquiring an additional 14,900 shares in the last quarter. Finally, Topline Capital Management LLC purchased a new stake in shares of InnovAge in the fourth quarter valued at about $231,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Insider Transactions at InnovAge

In other news, Director Richard C. Zoretic acquired 8,450 shares of the business’s stock in a transaction on Friday, May 30th. The shares were purchased at an average price of $4.08 per share, for a total transaction of $34,476.00. Following the completion of the purchase, the director now directly owns 68,494 shares of the company’s stock, valued at $279,455.52. This represents a 14.07% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Michael Anthony Scarbrough purchased 10,000 shares of the business’s stock in a transaction that occurred on Friday, May 9th. The stock was bought at an average cost of $3.55 per share, for a total transaction of $35,500.00. Following the acquisition, the chief operating officer now owns 10,000 shares in the company, valued at approximately $35,500. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders purchased 71,653 shares of company stock valued at $281,922 over the last quarter. Company insiders own 1.40% of the company’s stock.

InnovAge Stock Down 1.0%

INNV stock opened at $3.81 on Wednesday. The company has a market cap of $514.40 million, a P/E ratio of -20.05 and a beta of 0.55. InnovAge Holding Corp. has a 52 week low of $2.60 and a 52 week high of $6.69. The company’s 50-day moving average price is $3.42 and its 200 day moving average price is $3.62. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.27.

InnovAge (NASDAQ:INNV) last released its earnings results on Tuesday, May 6th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.06). The firm had revenue of $218.14 million during the quarter, compared to analysts’ expectations of $214.09 million. InnovAge had a negative return on equity of 9.45% and a negative net margin of 3.19%. On average, research analysts expect that InnovAge Holding Corp. will post -0.12 earnings per share for the current fiscal year.

InnovAge 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.