Inotiv, Inc. (NASDAQ:NOTV) Short Interest Up 32.5% in May

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

Inotiv Trading Down 6.8%

NASDAQ:NOTV traded down $0.15 during trading hours on Tuesday, hitting $2.05. 482,228 shares of the stock were exchanged, compared to its average volume of 580,079. The company has a market capitalization of $70.42 million, a P/E ratio of -0.44 and a beta of 4.08. The company's 50 day moving average is $2.17 and its two-hundred day moving average is $3.23. The company has a quick ratio of 1.28, a current ratio of 1.57 and a debt-to-equity ratio of 2.31. Inotiv has a twelve month low of $1.15 and a twelve month high of $6.48.

Inotiv (NASDAQ:NOTV - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping 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 15.41% and a negative net margin of 25.40%. On average, sell-side analysts anticipate that Inotiv will post -0.79 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital reduced their price objective on Inotiv from $6.00 to $5.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th.

Institutional Trading of Inotiv

Institutional investors have recently added to or reduced their stakes in the stock. Balyasny Asset Management L.P. lifted its stake in shares of Inotiv by 7,714.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,303,741 shares of the company's stock valued at $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 4th quarter valued at $5,250,000. Renaissance Technologies LLC grew its holdings in shares of Inotiv by 77.9% in the fourth quarter. Renaissance Technologies LLC now owns 304,254 shares of the company's stock valued at $1,260,000 after purchasing an additional 133,190 shares in the last quarter. Millennium Management LLC raised its position in 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 purchasing an additional 243,860 shares during the period. Finally, Marshall Wace LLP purchased a new position in shares of Inotiv during the 4th quarter worth about $737,000. Hedge funds and other institutional investors own 18.17% of the company's stock.

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.

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