Inotiv (NASDAQ:NOTV) Stock Price Down 4.2%

Inotiv, Inc. (NASDAQ:NOTV) fell 4.2% during trading on Monday . The stock traded as low as $1.54 and last traded at $1.59. 291,684 shares traded hands during mid-day trading, a decline of 34% from the average session volume of 442,135 shares. The stock had previously closed at $1.66.

Analysts Set New Price Targets

Several research firms have commented on NOTV. Lake Street Capital restated a “hold” rating and issued a $2.00 target price (down previously from $10.00) on shares of Inotiv in a research note on Thursday, May 16th. Craig Hallum cut their target price on Inotiv from $25.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, May 16th. Finally, Jefferies Financial Group cut Inotiv from a “buy” rating to a “hold” rating and cut their target price for the company from $11.50 to $3.75 in a research note on Tuesday, May 14th.

Inotiv Trading Down 4.2 %

The company has a market cap of $41.29 million, a P/E ratio of -0.57 and a beta of 3.34. The business has a 50 day moving average price of $2.59 and a 200-day moving average price of $4.68.

Inotiv (NASDAQ:NOTV) last announced its quarterly earnings data on Wednesday, May 15th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.34). Inotiv had a negative return on equity of 11.23% and a negative net margin of 12.90%. The company had revenue of $119.04 million for the quarter, compared to the consensus estimate of $136.74 million. On average, sell-side analysts expect that Inotiv, Inc. will post -0.37 earnings per share for the current year.

Institutional Investors Weigh In On Inotiv

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Virtu Financial LLC bought a new stake in shares of Inotiv during the 1st quarter worth approximately $300,000. Blue Edge Capital LLC bought a new stake in shares of Inotiv during the 1st quarter worth approximately $459,000. Lazard Asset Management LLC bought a new stake in Inotiv in the 1st quarter valued at $266,000. Vanguard Group Inc. raised its stake in Inotiv by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 1,043,460 shares of the company’s stock valued at $11,415,000 after acquiring an additional 10,146 shares during the period. Finally, Denali Advisors LLC bought a new stake in Inotiv in the 1st quarter valued at $277,000. Institutional investors 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.