Inotiv, Inc. (NASDAQ:NOTV) Sees Large Increase in Short Interest

Inotiv, Inc. (NASDAQ:NOTV) was the target of a significant growth in short interest in September. As of September 30th, there was short interest totalling 1,190,000 shares, a growth of 242.9% from the September 15th total of 347,000 shares. Currently, 10.0% of the company’s stock are short sold. Based on an average daily volume of 136,000 shares, the days-to-cover ratio is currently 8.8 days.

Shares of NOTV traded down $0.47 during midday trading on Thursday, reaching $34.39. 41 shares of the company were exchanged, compared to its average volume of 132,128. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.32. Inotiv has a 1-year low of $4.85 and a 1-year high of $50.33. The company has a market cap of $547.80 million, a price-to-earnings ratio of -87.15 and a beta of 2.09. The stock has a 50-day moving average price of $30.48 and a 200-day moving average price of $27.21.

Inotiv (NASDAQ:NOTV) last issued its quarterly earnings data on Wednesday, August 11th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.07). Inotiv had a negative return on equity of 14.51% and a negative net margin of 6.83%. The firm had revenue of $22.89 million during the quarter. Equities research analysts anticipate that Inotiv will post -0.37 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of NOTV. Renaissance Technologies LLC bought a new position in Inotiv in the first quarter worth about $13,623,000. BlackRock Inc. raised its stake in shares of Inotiv by 1,797.6% during the second quarter. BlackRock Inc. now owns 635,747 shares of the company’s stock valued at $16,963,000 after purchasing an additional 602,245 shares in the last quarter. Ophir Asset Management Pty Ltd bought a new stake in shares of Inotiv during the 2nd quarter worth about $13,126,000. Iszo Capital Management LP acquired a new stake in shares of Inotiv in the 1st quarter worth approximately $6,270,000. Finally, State Street Corp acquired a new position in shares of Inotiv during the 2nd quarter valued at $8,210,000. Institutional investors own 43.02% of the company’s stock.

A number of research analysts have recently commented on the company. Colliers Securities reiterated a “buy” rating on shares of Inotiv in a report on Wednesday, September 22nd. Craig Hallum initiated coverage on Inotiv in a report on Monday, September 20th. They set a “buy” rating and a $45.00 price target for the company. Finally, Zacks Investment Research lowered Inotiv from a “buy” rating to a “hold” rating in a research note on Wednesday.

About Inotiv

Inotiv, Inc operates as a pharmaceutical development company, which engages in the provision of drug discovery, development services, and analytical instruments. The firm operates through the following business segments: Contract Research Services and Research Products. The Contract Research Services segment provides screening and pharmacological testing, preclinical safety testing, formulation development, regulatory compliance, and quality control testing.

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