Investors Buy Large Volume of Call Options on Inotiv (NASDAQ:NOTV)

Inotiv, Inc. (NASDAQ:NOTV) was the recipient of unusually large options trading activity on Tuesday. Stock traders acquired 5,192 call options on the stock. This represents an increase of approximately 2,063% compared to the typical daily volume of 240 call options.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other Inotiv news, COO John Gregory Beattie acquired 30,000 shares of Inotiv stock in a transaction that occurred on Tuesday, December 10th. The stock was acquired at an average cost of $4.75 per share, for a total transaction of $142,500.00. Following the purchase, the chief operating officer now owns 161,761 shares of the company’s stock, valued at approximately $768,364.75. This represents a 22.77 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Nigel Brown acquired 7,500 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were bought at an average cost of $4.26 per share, with a total value of $31,950.00. Following the completion of the acquisition, the director now directly owns 65,537 shares in the company, valued at $279,187.62. The trade was a 12.92 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 71,029 shares of company stock worth $314,248. Insiders own 5.80% of the company’s stock.

Institutional Investors Weigh In On Inotiv

A number of hedge funds have recently added to or reduced their stakes in NOTV. Renaissance Technologies LLC boosted its holdings in shares of Inotiv by 29.9% in the second quarter. Renaissance Technologies LLC now owns 164,164 shares of the company’s stock worth $273,000 after buying an additional 37,800 shares during the last quarter. King Luther Capital Management Corp boosted its stake in shares of Inotiv by 101.4% during the 2nd quarter. King Luther Capital Management Corp now owns 198,600 shares of the company’s stock worth $330,000 after acquiring an additional 100,000 shares during the last quarter. KPP Advisory Services LLC grew its position in shares of Inotiv by 4.5% during the 2nd quarter. KPP Advisory Services LLC now owns 238,138 shares of the company’s stock valued at $395,000 after acquiring an additional 10,347 shares during the period. Geode Capital Management LLC grew its position in shares of Inotiv by 7.7% during the 3rd quarter. Geode Capital Management LLC now owns 250,895 shares of the company’s stock valued at $427,000 after acquiring an additional 18,039 shares during the period. Finally, American Century Companies Inc. increased its stake in shares of Inotiv by 109.6% in the 2nd quarter. American Century Companies Inc. now owns 295,589 shares of the company’s stock worth $491,000 after purchasing an additional 154,541 shares in the last quarter. 18.17% of the stock is currently owned by hedge funds and other institutional investors.

Inotiv Stock Performance

Shares of NOTV stock opened at $4.53 on Thursday. The company’s 50-day moving average is $3.22 and its 200 day moving average is $2.24. Inotiv has a one year low of $1.23 and a one year high of $11.42. The company has a debt-to-equity ratio of 2.29, a quick ratio of 1.22 and a current ratio of 1.37. The company has a market capitalization of $117.85 million, a price-to-earnings ratio of -1.08 and a beta of 3.62.

Inotiv Company 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.