Geode Capital Management LLC Acquires 18,039 Shares of Inotiv, Inc. (NASDAQ:NOTV)

Geode Capital Management LLC grew its holdings in Inotiv, Inc. (NASDAQ:NOTV) by 7.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 250,895 shares of the company’s stock after acquiring an additional 18,039 shares during the period. Geode Capital Management LLC’s holdings in Inotiv were worth $427,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. KPP Advisory Services LLC raised its holdings in Inotiv by 4.5% in the 2nd quarter. KPP Advisory Services LLC now owns 238,138 shares of the company’s stock worth $395,000 after purchasing an additional 10,347 shares during the period. Renaissance Technologies LLC increased its position in 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 in the last quarter. King Luther Capital Management Corp increased its position in Inotiv by 101.4% in the second quarter. King Luther Capital Management Corp now owns 198,600 shares of the company’s stock worth $330,000 after buying an additional 100,000 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Inotiv by 109.6% in the second quarter. American Century Companies Inc. now owns 295,589 shares of the company’s stock worth $491,000 after buying an additional 154,541 shares during the period. Hedge funds and other institutional investors own 18.17% of the company’s stock.

Inotiv Stock Down 3.5 %

NOTV opened at $4.37 on Monday. The stock has a market cap of $113.69 million, a price-to-earnings ratio of -1.04 and a beta of 3.59. 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 firm’s fifty day moving average is $3.91 and its 200 day moving average is $2.49. Inotiv, Inc. has a fifty-two week low of $1.23 and a fifty-two week high of $11.42.

Insider Buying and Selling at Inotiv

In other Inotiv news, Director Nigel Brown bought 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The stock was purchased at an average price of $4.26 per share, for a total transaction of $31,950.00. Following the completion of the transaction, the director now owns 65,537 shares of the company’s stock, valued at $279,187.62. This trade represents a 12.92 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO John Gregory Beattie bought 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were 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 directly owns 161,761 shares in the company, valued at $768,364.75. This trade represents a 22.77 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 71,029 shares of company stock valued at $314,248 over the last ninety days. 5.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Separately, Lake Street Capital upgraded Inotiv from a “hold” rating to a “buy” rating and boosted their price objective for the company from $2.00 to $4.00 in a research note 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.