InnovAge (OTCMKTS:INNV) Issues Earnings Results

InnovAge (OTCMKTS:INNV) issued its earnings results on Tuesday. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.06), reports. The company had revenue of $176.87 million during the quarter, compared to the consensus estimate of $175.03 million. InnovAge had a negative return on equity of 13.04% and a negative net margin of 6.17%.

InnovAge Price Performance

Shares of INNV stock opened at $6.31 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.57 and a quick ratio of 1.57. The company has a market capitalization of $855.95 million, a P/E ratio of -20.35 and a beta of 0.16. The company’s 50-day simple moving average is $6.41 and its two-hundred day simple moving average is $6.71. InnovAge has a one year low of $3.74 and a one year high of $8.15.

Insiders Place Their Bets

In other news, insider Nicole Damato sold 6,422 shares of the stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $7.10, for a total transaction of $45,596.20. Following the transaction, the insider now directly owns 197,899 shares in the company, valued at $1,405,082.90. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have sold 14,973 shares of company stock worth $107,331 in the last three months. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On InnovAge

Several institutional investors have recently bought and sold shares of the company. ExodusPoint Capital Management LP raised its holdings in shares of InnovAge by 3.8% in the second quarter. ExodusPoint Capital Management LP now owns 47,740 shares of the company’s stock worth $358,000 after buying an additional 1,746 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of InnovAge by 5.9% in the second quarter. Alliancebernstein L.P. now owns 32,090 shares of the company’s stock worth $241,000 after buying an additional 1,790 shares during the last quarter. UBS Group AG raised its holdings in shares of InnovAge by 18.4% in the first quarter. UBS Group AG now owns 11,814 shares of the company’s stock worth $94,000 after buying an additional 1,832 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of InnovAge by 1.8% in the first quarter. Renaissance Technologies LLC now owns 122,400 shares of the company’s stock worth $977,000 after buying an additional 2,200 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of InnovAge by 35.3% in the first quarter. JPMorgan Chase & Co. now owns 14,653 shares of the company’s stock worth $117,000 after buying an additional 3,826 shares during the last quarter. 12.17% of the stock is currently owned by institutional investors and hedge funds.

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 their homes and communities. It manages its business through Program of All-Inclusive Care for the Elderly (PACE) approach. The company 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.