Inotiv (NASDAQ:NOTV) Posts Earnings Results, Misses Expectations By $0.17 EPS

Inotiv (NASDAQ:NOTV) posted its quarterly earnings results on Wednesday. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.17), RTT News reports. The company had revenue of $138.14 million during the quarter, compared to analyst estimates of $133.36 million. Inotiv had a negative net margin of 13.38% and a negative return on equity of 16.58%.

Inotiv Stock Performance

Shares of NOTV stock opened at $0.88 on Friday. The company has a market cap of $30.19 million, a P/E ratio of -0.40 and a beta of 4.33. The business has a 50 day moving average of $1.19 and a two-hundred day moving average of $1.70. Inotiv has a 52 week low of $0.66 and a 52 week high of $6.48. The company has a quick ratio of 0.96, a current ratio of 1.29 and a debt-to-equity ratio of 2.71.

Analysts Set New Price Targets

NOTV has been the topic of a number of recent analyst reports. Lake Street Capital cut their target price on shares of Inotiv from $5.00 to $3.00 and set a “buy” rating on the stock in a research note on Thursday. Weiss Ratings reissued a “sell (e+)” rating on shares of Inotiv in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Inotiv has a consensus rating of “Hold” and a consensus price target of $3.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NOTV. Bank of America Corp DE lifted its position in Inotiv by 5,660.0% in the third quarter. Bank of America Corp DE now owns 21,888 shares of the company’s stock worth $32,000 after purchasing an additional 21,508 shares during the period. Corient Private Wealth LLC bought a new stake in shares of Inotiv in the 2nd quarter worth $44,000. American Century Companies Inc. raised its stake in shares of Inotiv by 16.4% in the 2nd quarter. American Century Companies Inc. now owns 41,933 shares of the company’s stock worth $76,000 after buying an additional 5,894 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Inotiv by 11,118.5% in the third quarter. BNP Paribas Financial Markets now owns 48,015 shares of the company’s stock valued at $70,000 after buying an additional 47,587 shares during the period. Finally, Wexford Capital LP bought a new position in Inotiv during the third quarter valued at about $127,000. Institutional investors and hedge funds 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.