Millennium Management LLC Increases Position in Inotiv, Inc. (NASDAQ:NOTV)

Millennium Management LLC raised its holdings in shares of Inotiv, Inc. (NASDAQ:NOTV - Free Report) by 553.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 287,899 shares of the company's stock after purchasing an additional 243,860 shares during the period. Millennium Management LLC owned 1.11% of Inotiv worth $1,192,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in shares of Inotiv during the fourth quarter valued at approximately $60,000. Virtu Financial LLC purchased a new stake in Inotiv in the fourth quarter worth $76,000. Dimensional Fund Advisors LP boosted its holdings in Inotiv by 24.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 31,626 shares of the company's stock valued at $131,000 after acquiring an additional 6,216 shares in the last quarter. LPL Financial LLC purchased a new position in Inotiv during the 4th quarter valued at $136,000. Finally, AlphaCentric Advisors LLC purchased a new position in Inotiv during the 4th quarter valued at $163,000. Hedge funds and other institutional investors own 18.17% of the company's stock.

Analyst Ratings Changes

Separately, Lake Street Capital dropped their target price on shares of Inotiv from $6.00 to $5.00 and set a "buy" rating for the company in a research report on Thursday, May 8th.

Inotiv Trading Down 0.7%

NOTV stock traded down $0.02 during trading on Friday, reaching $2.69. The company had a trading volume of 480,668 shares, compared to its average volume of 565,726. The company has a debt-to-equity ratio of 2.31, a current ratio of 1.57 and a quick ratio of 1.28. Inotiv, Inc. has a 52 week low of $1.15 and a 52 week high of $6.48. The business has a 50 day moving average of $2.17 and a 200 day moving average of $3.27. The company has a market cap of $92.41 million, a P/E ratio of -0.58 and a beta of 4.08.

Inotiv (NASDAQ:NOTV - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported ($0.18) earnings per share for the quarter, topping analysts' consensus estimates of ($0.24) by $0.06. The firm had revenue of $124.32 million for the quarter, compared to the consensus estimate of $123.97 million. Inotiv had a negative return on equity of 15.41% and a negative net margin of 25.40%. As a group, sell-side analysts forecast that Inotiv, Inc. will post -0.79 earnings per share for the current fiscal year.

Inotiv Company Profile

Inotiv, Inc provides nonclinical and analytical drug discovery and development services to the pharmaceutical and medical device industries. It operates through two segment: Discovery and Safety Assessment (DSA), and Research Models and Services (RMS). The DMS segment manufactured scientific instruments for life sciences research and the related software for use by pharmaceutical companies, universities, government research centers, and medical research institutions under the Company's BASi product line.