Inotiv (NASDAQ:NOTV) Announces Quarterly Earnings Results, Misses Estimates By $0.30 EPS

Inotiv (NASDAQ:NOTV) announced its earnings results on Monday. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.64) by ($0.30), Zacks reports. Inotiv had a negative net margin of 13.50% and a negative return on equity of 28.95%. The firm had revenue of $117.65 million for the quarter, compared to the consensus estimate of $124.74 million.

Inotiv Stock Down 3.5%

NASDAQ:NOTV opened at $0.29 on Tuesday. Inotiv has a 1-year low of $0.22 and a 1-year high of $3.32. The firm has a market capitalization of $10.10 million, a price-to-earnings ratio of -0.14 and a beta of 3.82. The stock has a fifty day simple moving average of $0.31 and a 200 day simple moving average of $0.57.

Analyst Ratings Changes

NOTV has been the subject of several research reports. Lake Street Capital decreased their target price on Inotiv from $3.00 to $1.50 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Inotiv in a research report on Friday, April 10th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $1.50.

Institutional Investors Weigh In On Inotiv

Institutional investors have recently bought and sold shares of the business. Bank of America Corp DE boosted its position in Inotiv by 5,660.0% during the 3rd quarter. Bank of America Corp DE now owns 21,888 shares of the company’s stock worth $32,000 after acquiring an additional 21,508 shares during the period. Squarepoint Ops LLC boosted its position in Inotiv by 304.2% during the 4th quarter. Squarepoint Ops LLC now owns 59,202 shares of the company’s stock worth $33,000 after acquiring an additional 44,554 shares during the period. Virtu Financial LLC boosted its position in Inotiv by 313.6% during the 4th quarter. Virtu Financial LLC now owns 66,331 shares of the company’s stock worth $37,000 after acquiring an additional 50,293 shares during the period. Corient Private Wealth LLC acquired a new stake in Inotiv during the 2nd quarter worth about $44,000. Finally, BNP Paribas Financial Markets boosted its position in Inotiv by 11,118.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 48,015 shares of the company’s stock worth $70,000 after acquiring an additional 47,587 shares during the period. 18.17% of the stock is currently owned by institutional investors and hedge funds.

Inotiv Company Profile

Inotiv, Inc, formerly known as Bioanalytical Systems, Inc (NASDAQ: NOTV), is a global contract research organization (CRO) specializing in preclinical drug discovery, development and testing services. The company partners with pharmaceutical, biotech and medical device companies to advance candidate molecules through early?stage research and safety assessment. Inotiv’s integrated platform spans in vivo and in vitro pharmacology, drug metabolism and pharmacokinetics (DMPK), toxicology, pathology and bioanalysis.

The company’s core service offerings include discovery pharmacology, safety assessment toxicology, pathology, bioanalysis and regulatory support.