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

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

Insider Transactions at Inotiv

In related news, COO John Gregory Beattie bought 30,000 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were acquired at an average cost of $4.75 per share, with a total value of $142,500.00. Following the completion of the acquisition, the chief operating officer now owns 161,761 shares of the company’s stock, valued at $768,364.75. The trade was a 22.77 % 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 David Landman purchased 23,529 shares of Inotiv stock in a transaction dated Thursday, December 19th. The shares were bought at an average price of $4.25 per share, with a total value of $99,998.25. Following the completion of the acquisition, the director now directly owns 176,851 shares of the company’s stock, valued at approximately $751,616.75. This represents a 15.35 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 71,029 shares of company stock valued at $314,248 in the last three months. 5.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Inotiv

Several institutional investors and hedge funds have recently added to or reduced their stakes in NOTV. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Inotiv by 612.5% in the 4th 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 third quarter. Geode Capital Management LLC now owns 250,895 shares of the company’s stock valued at $427,000 after purchasing an additional 18,039 shares during the period. KPP Advisory Services LLC increased its position in Inotiv by 4.5% in the second quarter. KPP Advisory Services LLC now owns 238,138 shares of the company’s stock worth $395,000 after buying an additional 10,347 shares in the last quarter. King Luther Capital Management Corp raised its stake 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 during the period. Finally, Renaissance Technologies LLC lifted its position in shares of Inotiv by 29.9% during the 2nd quarter. Renaissance Technologies LLC now owns 164,164 shares of the company’s stock valued at $273,000 after buying an additional 37,800 shares in the last quarter. Hedge funds and other institutional investors own 18.17% of the company’s stock.

Inotiv Stock Up 0.9 %

Shares of Inotiv stock traded up $0.04 on Wednesday, reaching $4.26. The company’s stock had a trading volume of 492,887 shares, compared to its average volume of 748,643. Inotiv has a 52 week low of $1.23 and a 52 week high of $11.42. The firm’s fifty day simple moving average is $4.00 and its two-hundred day simple moving average is $2.52. The company has a quick ratio of 1.22, a current ratio of 1.37 and a debt-to-equity ratio of 2.29. The company has a market capitalization of $110.82 million, a price-to-earnings ratio of -1.02 and a beta of 3.59.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital upgraded shares of Inotiv from a “hold” rating to a “buy” rating and raised their price objective for the company from $2.00 to $4.00 in a research note on Monday, September 30th.

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.