Inotiv (NASDAQ:NOTV) Issues Quarterly Earnings Results

Inotiv (NASDAQ:NOTV) posted its earnings results on Wednesday. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.17), RTT News reports. Inotiv had a negative return on equity of 15.74% and a negative net margin of 15.63%.The business had revenue of $138.14 million during the quarter, compared to the consensus estimate of $133.36 million.

Inotiv Stock Performance

NOTV traded up $0.07 during mid-day trading on Wednesday, reaching $0.94. 596,929 shares of the company traded hands, compared to its average volume of 684,598. The company’s fifty day moving average price is $1.21 and its 200-day moving average price is $1.71. The stock has a market capitalization of $32.29 million, a P/E ratio of -0.35 and a beta of 4.33. The company has a quick ratio of 0.96, a current ratio of 1.29 and a debt-to-equity ratio of 2.71. Inotiv has a 52-week low of $0.66 and a 52-week high of $6.48.

Institutional Trading of Inotiv

A number of hedge funds have recently bought and sold shares of NOTV. Vanguard Group Inc. lifted its holdings in Inotiv by 1.5% in the third quarter. Vanguard Group Inc. now owns 1,404,738 shares of the company’s stock valued at $2,037,000 after acquiring an additional 20,890 shares during the period. Balyasny Asset Management L.P. grew its stake in shares of Inotiv by 30.3% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,654,648 shares of the company’s stock valued at $3,011,000 after purchasing an additional 384,696 shares during the period. Massar Capital Management LP increased its position in shares of Inotiv by 133.3% during the 2nd quarter. Massar Capital Management LP now owns 350,000 shares of the company’s stock valued at $637,000 after purchasing an additional 200,000 shares during the last quarter. Citadel Advisors LLC increased its position in shares of Inotiv by 99.5% during the 3rd quarter. Citadel Advisors LLC now owns 255,858 shares of the company’s stock valued at $371,000 after purchasing an additional 127,595 shares during the last quarter. Finally, Jane Street Group LLC bought a new position in shares of Inotiv in the 2nd quarter worth approximately $233,000. Hedge funds and other institutional investors own 18.17% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Inotiv in a research report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Inotiv currently has an average rating of “Hold” and an average target price of $5.00.

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.