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

Inotiv, Inc. (NASDAQ:NOTV - Get Free Report) was the target of a large growth in short interest in May. As of May 31st, there was short interest totalling 3,140,000 shares, a growth of 32.5% from the May 15th total of 2,370,000 shares. Currently, 10.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 776,700 shares, the short-interest ratio is currently 4.0 days.

Inotiv Trading Down 5.5%

NOTV stock traded down $0.12 during midday trading on Friday, reaching $2.05. 1,108,168 shares of the company traded hands, compared to its average volume of 586,716. The firm has a market capitalization of $70.42 million, a price-to-earnings ratio of -0.64 and a beta of 4.08. Inotiv 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 $3.18. The company has a debt-to-equity ratio of 2.49, a quick ratio of 1.18 and a current ratio of 1.50.

Inotiv (NASDAQ:NOTV - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.06. The company had revenue of $124.32 million for the quarter, compared to analyst estimates of $123.97 million. Inotiv had a negative return on equity of 15.64% and a negative net margin of 18.21%. As a group, sell-side analysts expect that Inotiv will post -0.79 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Institutional Investors Weigh In On Inotiv

Hedge funds and other institutional investors have recently made changes to their positions in the company. Balyasny Asset Management L.P. boosted its stake in shares of Inotiv by 7,714.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,303,741 shares of the company's stock worth $5,397,000 after purchasing an additional 1,287,058 shares during the period. Kennedy Capital Management LLC bought a new stake in Inotiv in the fourth quarter worth about $5,250,000. Millennium Management LLC boosted its position in shares of Inotiv by 553.7% during the fourth quarter. Millennium Management LLC now owns 287,899 shares of the company's stock valued at $1,192,000 after buying an additional 243,860 shares during the period. Marshall Wace LLP bought a new position in shares of Inotiv during the fourth quarter valued at approximately $737,000. Finally, Renaissance Technologies LLC grew its stake in shares of Inotiv by 77.9% during the fourth quarter. Renaissance Technologies LLC now owns 304,254 shares of the company's stock valued at $1,260,000 after buying an additional 133,190 shares during the last quarter. Hedge funds and other institutional investors own 18.17% of the company's stock.

About Inotiv

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.