InnovAge Holding Corp. (NASDAQ:INNV) Short Interest Down 18.8% in March

InnovAge Holding Corp. (NASDAQ:INNV) was the recipient of a large decline in short interest during the month of March. As of March 31st, there was short interest totalling 262,900 shares, a decline of 18.8% from the March 15th total of 323,900 shares. Based on an average daily trading volume, of 62,100 shares, the short-interest ratio is currently 4.2 days. Approximately 1.3% of the company’s shares are sold short.

Hedge Funds Weigh In On InnovAge

Several hedge funds and other institutional investors have recently bought and sold shares of INNV. T. Rowe Price Investment Management Inc. raised its position in shares of InnovAge by 5.9% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,037,688 shares of the company’s stock worth $19,799,000 after acquiring an additional 281,551 shares in the last quarter. Topline Capital Management LLC bought a new stake in InnovAge in the fourth quarter worth approximately $231,000. JPMorgan Chase & Co. lifted its stake in InnovAge by 143.6% in the fourth quarter. JPMorgan Chase & Co. now owns 60,143 shares of the company’s stock valued at $236,000 after buying an additional 35,456 shares during the period. BNP Paribas Financial Markets bought a new position in shares of InnovAge during the 4th quarter worth approximately $123,000. Finally, Jane Street Group LLC grew its position in shares of 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 buying an additional 27,481 shares during the period. Institutional investors and hedge funds own 12.26% of the company’s stock.

InnovAge Trading Up 2.6 %

Shares of INNV stock traded up $0.07 on Tuesday, hitting $2.74. The company had a trading volume of 279 shares, compared to its average volume of 52,206. The stock’s 50-day moving average is $3.12 and its two-hundred day moving average is $4.11. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.16 and a current ratio of 1.16. The firm has a market cap of $370.57 million, a P/E ratio of -14.42 and a beta of 0.41. InnovAge has a twelve month low of $2.00 and a twelve month high of $6.69.

InnovAge (NASDAQ:INNV) last released its quarterly earnings results on Tuesday, February 4th. The company reported ($0.10) earnings per share (EPS) for the quarter. InnovAge had a negative return on equity of 9.45% and a negative net margin of 3.19%. On average, equities research analysts anticipate that InnovAge will post -0.12 earnings per share for the current fiscal year.

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.