Short Interest in Inno Holdings Inc. (NASDAQ:INHD) Rises By 1,744.1%

Inno Holdings Inc. (NASDAQ:INHD) was the recipient of a large increase in short interest in the month of June. As of June 15th, there was short interest totaling 2,704,440 shares, an increase of 1,744.1% from the May 31st total of 146,651 shares. Based on an average trading volume of 25,312,068 shares, the days-to-cover ratio is currently 0.1 days. Approximately 107.4% of the company’s shares are sold short.

Inno Stock Performance

Shares of INHD remained flat at $39.49 during trading hours on Friday. Inno has a twelve month low of $1.01 and a twelve month high of $7,651.20. The firm’s 50-day simple moving average is $13.14 and its 200-day simple moving average is $21.50. The stock has a market capitalization of $99.55 million, a price-to-earnings ratio of -0.26 and a beta of -2.80.

Hedge Funds Weigh In On Inno

Several institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC acquired a new stake in shares of Inno during the 4th quarter worth approximately $75,000. Two Sigma Investments LP bought a new position in Inno during the third quarter worth $58,000. T3 Companies LLC acquired a new stake in Inno in the fourth quarter worth $41,000. Virtu Financial LLC bought a new stake in Inno in the fourth quarter valued at $36,000. Finally, 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. 0.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

INHD has been the topic of a number of recent research reports. Weiss Ratings upgraded shares of Inno from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 8th. Wall Street Zen downgraded Inno from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Inno Company Profile

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.