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

Inno Holdings Inc. (NASDAQ:INHD) was the target of a large drop in short interest in 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. Based on an average trading volume of 1,101,491 shares, the days-to-cover ratio is presently 0.3 days. Currently, 65.6% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on INHD. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Inno in a research report on Tuesday, April 21st. Wall Street Zen cut shares of Inno from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has a consensus rating of “Sell”.

Institutional Investors Weigh In On Inno

Hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC grew its stake in Inno by 48.6% in the 2nd quarter. Geode Capital Management LLC now owns 31,128 shares of the company’s stock valued at $43,000 after buying an additional 10,177 shares in the last quarter. Virtu Financial LLC purchased a new position in Inno in the 4th quarter valued at approximately $36,000. T3 Companies LLC purchased a new position in Inno in the 4th quarter valued at approximately $41,000. Two Sigma Investments LP purchased a new position in Inno in the 3rd quarter valued at approximately $58,000. Finally, Jane Street Group LLC purchased a new position in Inno in the 4th quarter valued at approximately $75,000. Institutional investors own 0.16% of the company’s stock.

Inno Stock Performance

Shares of Inno stock traded down $0.01 during mid-day trading on Thursday, hitting $1.13. 99,030 shares of the stock were exchanged, compared to its average volume of 686,195. The company has a market capitalization of $474,600.00, a P/E ratio of -0.01 and a beta of -2.69. The company has a 50-day simple moving average of $7.74 and a 200 day simple moving average of $56.91. Inno has a 12 month low of $1.01 and a 12 month high of $7,651.20.

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.