Inotiv (NASDAQ:NOTV) Rating Increased to Buy at Lake Street Capital

Inotiv (NASDAQ:NOTV) was upgraded by equities research analysts at Lake Street Capital from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, Benzinga reports. The firm currently has a $4.00 price target on the stock, up from their previous price target of $2.00. Lake Street Capital’s price target would suggest a potential upside of 118.58% from the stock’s previous close.

Inotiv Stock Up 7.6 %

Shares of NASDAQ:NOTV opened at $1.83 on Monday. The firm has a market cap of $47.53 million, a PE ratio of -0.66 and a beta of 3.39. The company has a fifty day simple moving average of $1.62 and a 200 day simple moving average of $3.17. The company has a current ratio of 0.31, a quick ratio of 0.23 and a debt-to-equity ratio of 0.02. Inotiv has a 12-month low of $1.23 and a 12-month high of $11.42.

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

Hedge Funds Weigh In On Inotiv

Several large investors have recently added to or reduced their stakes in NOTV. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Inotiv during the second quarter worth $40,000. Lazard Asset Management LLC acquired a new stake in shares of Inotiv in the 1st quarter worth about $266,000. Renaissance Technologies LLC lifted its position in Inotiv by 29.9% in the 2nd quarter. Renaissance Technologies LLC now owns 164,164 shares of the company’s stock valued at $273,000 after purchasing an additional 37,800 shares during the last quarter. Denali Advisors LLC acquired a new position in Inotiv during the 1st quarter valued at about $277,000. Finally, Virtu Financial LLC bought a new position in Inotiv in the 1st quarter worth about $300,000. 18.17% of the stock is currently owned by institutional investors.

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.