Short Interest in Inno Holdings Inc. (NASDAQ:INHD) Declines By 46.9%

Inno Holdings Inc. (NASDAQ:INHD) saw a large decline in short interest in the month of May. As of May 29th, there was short interest totaling 146,651 shares, a decline of 46.9% from the May 14th total of 275,968 shares. Currently, 5.8% of the shares of the company are short sold. Based on an average daily trading volume, of 107,383 shares, the days-to-cover ratio is presently 1.4 days.

Institutional Investors Weigh In On Inno

Institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its position in shares of Inno by 48.6% during the 2nd quarter. Geode Capital Management LLC now owns 31,128 shares of the company’s stock worth $43,000 after purchasing an additional 10,177 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Inno during the 4th quarter worth $36,000. T3 Companies LLC purchased a new stake in shares of Inno during the 4th quarter worth $41,000. Two Sigma Investments LP purchased a new stake in shares of Inno during the 3rd quarter worth $58,000. Finally, Jane Street Group LLC purchased a new stake in shares of Inno during the 4th quarter worth $75,000. 0.16% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Wall Street Zen cut shares of Inno from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Weiss Ratings raised shares of Inno from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 8th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has an average rating of “Sell”.

Inno Stock Performance

INHD remained flat at $39.49 during trading on Friday. The company has a market cap of $99.55 million, a P/E ratio of -0.26 and a beta of -2.80. The business has a fifty day simple moving average of $6.93 and a 200-day simple moving average of $26.04. Inno has a 1-year low of $1.01 and a 1-year high of $7,651.20.

About Inno

Inno Holdings Inc manufactures and sells cold-formed-steel members, castor cubes, mobile factories, and prefabricated homes in the United States. The company provides cold-formed steel framing and a mobile factory for off-site equipment rental, sales, service, and support. It serves in residential, commercial, industrial, and infrastructure projects. Inno Holdings Inc was founded in 2019 and is headquartered in Brookshire, Texas.