Short Interest in Inotiv, Inc. (NASDAQ:NOTV) Decreases By 32.5%

Inotiv, Inc. (NASDAQ:NOTVGet Rating) saw a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 1,640,000 shares, a drop of 32.5% from the October 15th total of 2,430,000 shares. Based on an average trading volume of 233,100 shares, the short-interest ratio is currently 7.0 days. Approximately 8.3% of the company’s stock are sold short.

Analysts Set New Price Targets

Several research firms have commented on NOTV. Jefferies Financial Group started coverage on Inotiv in a report on Tuesday, October 4th. They issued a “buy” rating and a $27.00 target price on the stock. Lake Street Capital upped their price target on shares of Inotiv from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, August 11th.

Insider Activity at Inotiv

In other Inotiv news, COO John Gregory Beattie bought 8,900 shares of the firm’s stock in a transaction on Friday, September 9th. The stock was acquired at an average price of $22.34 per share, with a total value of $198,826.00. Following the completion of the purchase, the chief operating officer now owns 51,694 shares of the company’s stock, valued at $1,154,843.96. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 9.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Inotiv

Large investors have recently made changes to their positions in the stock. Blueshift Asset Management LLC bought a new stake in Inotiv in the 1st quarter worth approximately $207,000. Pembroke Management LTD increased its position in Inotiv by 4.4% during the first quarter. Pembroke Management LTD now owns 498,025 shares of the company’s stock valued at $13,038,000 after acquiring an additional 20,929 shares during the last quarter. Legacy Wealth Planning LLC lifted its holdings in Inotiv by 58.7% in the first quarter. Legacy Wealth Planning LLC now owns 31,900 shares of the company’s stock valued at $835,000 after acquiring an additional 11,800 shares during the period. King Luther Capital Management Corp boosted its position in Inotiv by 79.7% in the first quarter. King Luther Capital Management Corp now owns 118,815 shares of the company’s stock worth $3,111,000 after purchasing an additional 52,690 shares during the last quarter. Finally, Ophir Asset Management Pty Ltd grew its stake in shares of Inotiv by 6.8% during the 2nd quarter. Ophir Asset Management Pty Ltd now owns 1,125,473 shares of the company’s stock valued at $8,193,000 after purchasing an additional 71,377 shares during the period. 52.11% of the stock is currently owned by institutional investors.

Inotiv Stock Performance

Shares of NOTV opened at $17.27 on Friday. The company has a market cap of $442.01 million, a price-to-earnings ratio of -3.87 and a beta of 2.64. The business’s fifty day simple moving average is $19.62 and its two-hundred day simple moving average is $17.12. Inotiv has a 12 month low of $9.14 and a 12 month high of $60.66. The company has a current ratio of 1.60, a quick ratio of 1.15 and a debt-to-equity ratio of 0.54.

Inotiv (NASDAQ:NOTVGet Rating) last released its quarterly earnings data on Wednesday, August 10th. The company reported ($0.15) EPS for the quarter. The business had revenue of $172.67 million during the quarter. Inotiv had a negative return on equity of 4.23% and a negative net margin of 19.54%. Research analysts anticipate that Inotiv will post 1.45 earnings per share for the current fiscal year.

Inotiv Company Profile

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Inotiv, Inc provides drug discovery and development services to the pharmaceutical, chemical, and medical device industries; and sells analytical instruments to the pharmaceutical development and contract research industries. It operates through two segments, Contract Research Services and Research Products.

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