Inotiv (NASDAQ:NOTV) Downgraded by Jefferies Financial Group

Inotiv (NASDAQ:NOTV – Get Rating) was downgraded by equities researchers at Jefferies Financial Group from a “buy” rating to a “hold” rating in a research note issued on Thursday, MarketBeat.com reports. They currently have a $8.00 target price on the stock. Jefferies Financial Group’s price objective would suggest a potential upside of 17.30% from the stock’s current price. Jefferies Financial Group also issued estimates for Inotiv’s Q1 2023 earnings at ($0.44) EPS, Q2 2023 earnings at $0.04 EPS, Q3 2023 earnings at $0.29 EPS and Q4 2023 earnings at $0.46 EPS.

A number of other equities research analysts also recently commented on the company. Craig Hallum reduced their target price on Inotiv from $64.00 to $34.00 in a research report on Wednesday, January 11th. Lake Street Capital upgraded Inotiv from a “hold” rating to a “buy” rating and set a $10.00 target price on the stock in a research report on Wednesday, January 11th. Finally, TheStreet downgraded Inotiv from a “c-” rating to a “d+” rating in a research report on Wednesday, November 9th.

Inotiv Trading Up 0.4 %

NASDAQ:NOTV traded up $0.03 on Thursday, reaching $6.82. The company’s stock had a trading volume of 375,194 shares, compared to its average volume of 1,295,536. Inotiv has a 12-month low of $3.64 and a 12-month high of $42.63. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.42 and a quick ratio of 0.98. The stock has a 50 day moving average price of $5.96 and a 200 day moving average price of $14.42.

Institutional Investors Weigh In On Inotiv

A number of institutional investors have recently modified their holdings of the company. Ophir Asset Management Pty Ltd grew its stake in shares of Inotiv by 6.8% in the second quarter. Ophir Asset Management Pty Ltd now owns 1,125,473 shares of the company’s stock valued at $8,193,000 after buying an additional 71,377 shares in the last quarter. BlackRock Inc. grew its stake in shares of Inotiv by 6.2% in the first quarter. BlackRock Inc. now owns 983,801 shares of the company’s stock valued at $25,756,000 after buying an additional 57,382 shares in the last quarter. Vanguard Group Inc. grew its stake in Inotiv by 8.1% during the 3rd quarter. Vanguard Group Inc. now owns 907,455 shares of the company’s stock worth $15,291,000 after purchasing an additional 68,353 shares in the last quarter. Point72 Asset Management L.P. grew its stake in Inotiv by 199.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 518,937 shares of the company’s stock worth $8,744,000 after purchasing an additional 345,376 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its stake in Inotiv by 18.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 513,286 shares of the company’s stock worth $8,649,000 after purchasing an additional 80,632 shares in the last quarter. 52.04% of the stock is owned by institutional investors and hedge funds.

About Inotiv

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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: Research Services and Research Products. The Research Services segment provides screening and pharmacological testing, preclinical safety testing, formulation development, regulatory compliance, and quality control testing.