Inotiv (NASDAQ:NOTV) Upgraded at Lake Street Capital

Inotiv (NASDAQ:NOTV) was upgraded by equities researchers at Lake Street Capital from a “hold” rating to a “buy” rating in a research report issued on Monday, Benzinga reports. The firm currently has a $4.00 price objective on the stock, up from their previous price objective of $2.00. Lake Street Capital’s price objective would suggest a potential upside of 127.27% from the company’s previous close.

Inotiv Stock Up 11.4 %

Shares of NASDAQ NOTV traded up $0.18 during mid-day trading on Monday, reaching $1.76. The company had a trading volume of 63,550 shares, compared to its average volume of 354,138. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.23 and a current ratio of 0.31. Inotiv has a twelve month low of $1.23 and a twelve month high of $11.42. The stock’s 50 day moving average is $1.63 and its 200-day moving average is $3.27. The stock has a market capitalization of $45.71 million, a PE ratio of -0.63 and a beta of 3.39.

Inotiv (NASDAQ:NOTV) last issued its earnings results on Thursday, August 8th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.11). Inotiv had a negative return on equity of 15.55% and a negative net margin of 19.80%. The firm had revenue of $105.79 million during the quarter, compared to analyst estimates of $123.74 million. As a group, equities analysts anticipate that Inotiv will post -0.37 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NOTV. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Inotiv during the second quarter worth $40,000. Lazard Asset Management LLC bought a new position in shares of Inotiv in the 1st quarter valued at approximately $266,000. Renaissance Technologies LLC lifted its holdings in Inotiv by 29.9% in the 2nd quarter. Renaissance Technologies LLC now owns 164,164 shares of the company’s stock worth $273,000 after purchasing an additional 37,800 shares during the last quarter. Denali Advisors LLC bought a new stake in Inotiv during the first quarter worth approximately $277,000. Finally, Virtu Financial LLC acquired a new position in Inotiv during the first quarter valued at approximately $300,000. 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.