InnovAge (NASDAQ:INNV) Stock Price Down 0.2% – Should You Sell?

InnovAge Holding Corp. (NASDAQ:INNV)’s share price dropped 0.2% on Thursday . The company traded as low as $5.85 and last traded at $5.94. Approximately 110,045 shares were traded during trading, an increase of 29% from the average daily volume of 85,507 shares. The stock had previously closed at $5.95.

Wall Street Analysts Forecast Growth

INNV has been the subject of several recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of InnovAge in a research report on Wednesday, October 8th. Wall Street Zen upgraded InnovAge to a “strong-buy” rating in a research note on Saturday, November 8th. Two equities research analysts have rated the stock with a Sell rating, According to MarketBeat, the stock presently has a consensus rating of “Sell” and an average target price of $5.00.

InnovAge Trading Down 0.2%

The stock’s fifty day simple moving average is $5.41 and its 200-day simple moving average is $4.76. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.17 and a quick ratio of 1.17. The firm has a market cap of $805.94 million, a PE ratio of -45.69 and a beta of 0.57.

InnovAge (NASDAQ:INNV) last announced its quarterly earnings data 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. InnovAge had a negative net margin of 1.96% and a negative return on equity of 7.02%. The firm had revenue of $236.11 million for the quarter, compared to analyst estimates of $226.64 million. On average, sell-side analysts forecast that InnovAge Holding Corp. will post -0.12 earnings per share for the current year.

Insider Buying and Selling at InnovAge

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

Institutional Investors Weigh In On InnovAge

A number of large investors have recently bought and sold shares of INNV. Winnow Wealth LLC acquired a new stake in shares of InnovAge in the second quarter worth $369,000. Los Angeles Capital Management LLC purchased a new stake in InnovAge in the second quarter valued at $110,000. Assenagon Asset Management S.A. purchased a new stake in InnovAge in the fourth quarter valued at $170,000. JPMorgan Chase & Co. grew 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 purchasing an additional 3,305 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of InnovAge by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,124,321 shares of the company’s stock valued at $5,801,000 after buying an additional 4,239 shares during the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

About InnovAge

InnovAge Holdings, Inc (NASDAQ:INNV) is a healthcare services company that specializes in caring for seniors through the Program of All-Inclusive Care for the Elderly (PACE). Designed for individuals who are eligible for both Medicare and Medicaid, the PACE model integrates medical care, social services and long-term care—delivered primarily in participants’ homes and community-based centers. InnovAge’s approach centers on interdisciplinary care teams that coordinate everything from primary and specialty medical services to nutritional counseling and recreational activities.

The company’s core offerings include comprehensive in-home assessments, physician and nursing services, physical and occupational therapy, prescription medication management, and transportation to medical appointments.