Inno Holdings Inc. (NASDAQ:INHD) Sees Significant Drop in Short Interest

Inno Holdings Inc. (NASDAQ:INHD) saw a large drop in short interest in the month of May. As of May 15th, there was short interest totaling 275,968 shares, a drop of 97.9% from the April 30th total of 13,279,105 shares. Currently, 65.6% of the company’s shares are sold short. Based on an average daily volume of 1,101,491 shares, the days-to-cover ratio is presently 0.3 days.

Hedge Funds Weigh In On Inno

Hedge funds have recently modified their holdings of the company. Geode Capital Management LLC increased its position in shares of Inno by 48.6% in the second quarter. Geode Capital Management LLC now owns 31,128 shares of the company’s stock valued at $43,000 after acquiring an additional 10,177 shares during the period. Virtu Financial LLC bought a new stake in shares of Inno during the 4th quarter valued at about $36,000. T3 Companies LLC bought a new stake in shares of Inno during the 4th quarter valued at about $41,000. Two Sigma Investments LP bought a new stake in shares of Inno during the 3rd quarter valued at about $58,000. Finally, Jane Street Group LLC bought a new stake in shares of Inno during the 4th quarter valued at about $75,000. Hedge funds and other institutional investors own 0.16% of the company’s stock.

Inno Trading Down 14.3%

Shares of INHD stock traded down $0.19 during mid-day trading on Wednesday, reaching $1.14. The stock had a trading volume of 101,147 shares, compared to its average volume of 2,285,684. The stock’s 50-day moving average price is $7.74 and its two-hundred day moving average price is $56.91. Inno has a 52-week low of $1.14 and a 52-week high of $7,651.20. The firm has a market capitalization of $478,800.00, a PE ratio of -0.01 and a beta of -2.69.

Wall Street Analyst Weigh In

INHD has been the topic of a number of analyst reports. Wall Street Zen cut shares of Inno from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Weiss Ratings restated a “sell (e+)” rating on shares of Inno in a research report on Tuesday, April 21st. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Inno presently has a consensus rating of “Sell”.

Inno Company Profile

Inno Holdings Inc manufactures and sells cold-formed-steel members, castor cubes, mobile factories, and prefabricated homes in the United States. The company provides cold-formed steel framing and a mobile factory for off-site equipment rental, sales, service, and support. It serves in residential, commercial, industrial, and infrastructure projects. Inno Holdings Inc was founded in 2019 and is headquartered in Brookshire, Texas.