Renaissance Technologies LLC Boosts Stake in Inotiv, Inc. (NASDAQ:NOTV)

Renaissance Technologies LLC lifted its holdings in Inotiv, Inc. (NASDAQ:NOTV) by 29.9% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 164,164 shares of the company’s stock after buying an additional 37,800 shares during the period. Renaissance Technologies LLC owned approximately 0.63% of Inotiv worth $273,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of NOTV. Thurston Springer Miller Herd & Titak Inc. bought a new position in Inotiv in the 2nd quarter valued at $40,000. Lazard Asset Management LLC bought a new position in Inotiv during the first quarter valued at about $266,000. Denali Advisors LLC purchased a new stake in Inotiv during the first quarter worth about $277,000. Virtu Financial LLC bought a new stake in Inotiv in the first quarter worth about $300,000. Finally, Blue Edge Capital LLC purchased a new position in Inotiv in the first quarter valued at about $459,000. 18.17% of the stock is owned by institutional investors.

Inotiv Price Performance

NASDAQ NOTV opened at $1.84 on Friday. The company has a market cap of $47.84 million, a PE ratio of -0.48 and a beta of 3.38. The company has a quick ratio of 0.23, a current ratio of 0.31 and a debt-to-equity ratio of 0.02. The firm’s 50-day simple moving average is $1.61 and its two-hundred day simple moving average is $2.77. Inotiv, Inc. has a 52 week low of $1.23 and a 52 week high of $11.42.

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

Analysts Set New Price Targets

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

Inotiv Profile

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.