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

Inno Holdings Inc. (NASDAQ:INHD) was the recipient of a large drop in short interest in August. As of August 31st, there was short interest totaling 108,982 shares, a drop of 41.3% from the August 15th total of 185,748 shares. Currently, 4.3% of the shares of the stock are sold short. Based on an average daily volume of 322,021 shares, the days-to-cover ratio is presently 0.3 days.

Inno Stock Down 1.4%

Shares of INHD stock traded down $0.05 during trading hours on Wednesday, hitting $3.45. 56,732 shares of the company were exchanged, compared to its average volume of 2,616,633. The firm has a fifty day moving average of $17.84 and a 200 day moving average of $17.17. Inno has a 1 year low of $1.01 and a 1 year high of $2,011.20. The firm has a market cap of $8.69 million, a PE ratio of -0.58 and a beta of -24.12.

Inno (NASDAQ:INHD) last posted its quarterly earnings results on Tuesday, August 18th. The company reported ($0.70) earnings per share for the quarter. The company had revenue of $2.07 million for the quarter. Inno had a negative return on equity of 9.47% and a negative net margin of 72.63%.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Inno stock. T3 Companies LLC acquired a new position in Inno Holdings Inc. (NASDAQ:INHD) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 36,245 shares of the company’s stock, valued at approximately $41,000. T3 Companies LLC owned approximately 0.89% of Inno as of its most recent SEC filing. Institutional investors and hedge funds own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of Inno from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, September 4th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Inno presently has a consensus rating of “Sell”.

About Inno

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.