Inotiv, Inc. (NASDAQ:NOTV) Short Interest Update

Inotiv, Inc. (NASDAQ:NOTV) saw a significant decline in short interest in the month of December. As of December 31st, there was short interest totalling 1,180,000 shares, a decline of 32.2% from the December 15th total of 1,740,000 shares. Based on an average daily trading volume, of 788,500 shares, the days-to-cover ratio is currently 1.5 days. Currently, 4.4% of the company’s shares are short sold.

Insider Activity

In related news, Director David Landman bought 23,529 shares of the company’s stock in a transaction on Thursday, December 19th. The shares were acquired at an average cost of $4.25 per share, with a total value of $99,998.25. Following the completion of the acquisition, the director now owns 176,851 shares of the company’s stock, valued at $751,616.75. The trade was a 15.35 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael J. Harrington bought 10,000 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was bought at an average cost of $3.98 per share, for a total transaction of $39,800.00. Following the completion of the purchase, the director now owns 37,500 shares of the company’s stock, valued at approximately $149,250. The trade was a 36.36 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 71,029 shares of company stock worth $314,248. Corporate insiders own 5.80% of the company’s stock.

Hedge Funds Weigh In On Inotiv

A number of hedge funds have recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. grew its position in shares of Inotiv by 612.5% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 127,257 shares of the company’s stock worth $527,000 after purchasing an additional 109,397 shares in the last quarter. Geode Capital Management LLC grew its holdings in Inotiv by 7.7% during the 3rd quarter. Geode Capital Management LLC now owns 250,895 shares of the company’s stock valued at $427,000 after buying an additional 18,039 shares in the last quarter. KPP Advisory Services LLC raised its position in shares of Inotiv by 4.5% during the second quarter. KPP Advisory Services LLC now owns 238,138 shares of the company’s stock valued at $395,000 after buying an additional 10,347 shares during the last quarter. King Luther Capital Management Corp lifted its holdings in shares of Inotiv by 101.4% in the second quarter. King Luther Capital Management Corp now owns 198,600 shares of the company’s stock worth $330,000 after buying an additional 100,000 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Inotiv by 29.9% during the second quarter. Renaissance Technologies LLC now owns 164,164 shares of the company’s stock worth $273,000 after acquiring an additional 37,800 shares during the last quarter. 18.17% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Lake Street Capital raised Inotiv from a “hold” rating to a “buy” rating and boosted their target price for the stock from $2.00 to $4.00 in a research report on Monday, September 30th.

Inotiv Stock Performance

Shares of NOTV stock traded down $0.05 during mid-day trading on Friday, reaching $4.27. 328,208 shares of the company’s stock traded hands, compared to its average volume of 769,210. The firm has a market capitalization of $111.08 million, a PE ratio of -1.02 and a beta of 3.59. The company has a debt-to-equity ratio of 2.29, a quick ratio of 1.22 and a current ratio of 1.37. The firm has a 50 day moving average price of $4.07 and a two-hundred day moving average price of $2.55. Inotiv has a 12 month low of $1.23 and a 12 month high of $11.42.

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.