Inotiv (NASDAQ:NOTV) Shares Up 8.2% – Here’s Why

Inotiv, Inc. (NASDAQ:NOTV) shares rose 8.2% during mid-day trading on Thursday . The stock traded as high as $2.85 and last traded at $2.63. Approximately 616,334 shares were traded during mid-day trading, an increase of 751% from the average daily volume of 72,452 shares. The stock had previously closed at $2.43.

Analyst Upgrades and Downgrades

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

Inotiv Stock Performance

The stock has a market cap of $68.38 million, a PE ratio of -0.68 and a beta of 3.36. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.31 and a quick ratio of 0.23. The stock has a 50-day simple moving average of $1.71 and a 200-day simple moving average of $2.05.

Inotiv (NASDAQ:NOTV) last issued its earnings results on Thursday, August 8th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.11). Inotiv had a negative return on equity of 15.55% and a negative net margin of 19.80%. The firm had revenue of $105.79 million for the quarter, compared to analysts’ expectations of $123.74 million. Equities analysts predict that Inotiv, Inc. will post -0.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Inotiv

Hedge funds and other institutional investors have recently made changes to their positions in the business. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Inotiv during the 2nd quarter valued at $40,000. Lazard Asset Management LLC acquired a new stake in shares of Inotiv during the first quarter valued at about $266,000. Renaissance Technologies LLC increased 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. Virtu Financial LLC acquired a new position in shares of Inotiv in the first quarter worth about $300,000. Finally, King Luther Capital Management Corp boosted its holdings in Inotiv by 101.4% in the second quarter. King Luther Capital Management Corp now owns 198,600 shares of the company’s stock valued at $330,000 after purchasing an additional 100,000 shares during the last quarter. Institutional investors and hedge funds own 18.17% of the company’s stock.

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.