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

Inno Holdings Inc. (NASDAQ:INHD) saw a large decline in short interest in the month of August. As of August 14th, there was short interest totaling 185,748 shares, a decline of 93.2% from the July 30th total of 2,721,858 shares. Based on an average daily trading volume, of 1,211,571 shares, the days-to-cover ratio is currently 0.2 days. Currently, 7.4% of the company’s shares are short sold.

Analyst Ratings Changes

Separately, Weiss Ratings cut shares of Inno from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has a consensus rating of “Sell”.

Hedge Funds Weigh In On Inno

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Jane Street Group LLC bought a new stake in shares of Inno in the 4th quarter valued at $75,000. Two Sigma Investments LP bought a new position in Inno during the third quarter worth about $58,000. T3 Companies LLC bought a new position in Inno during the fourth quarter worth about $41,000. Virtu Financial LLC acquired a new position in Inno in the fourth quarter valued at about $36,000. Finally, Geode Capital Management LLC increased its holdings in shares of Inno by 48.6% in the second quarter. Geode Capital Management LLC now owns 31,128 shares of the company’s stock worth $43,000 after acquiring an additional 10,177 shares in the last quarter. 0.16% of the stock is owned by institutional investors.

Inno Price Performance

Shares of Inno stock traded down $0.25 during trading on Thursday, hitting $6.00. 1,311,905 shares of the company were exchanged, compared to its average volume of 2,858,529. The firm has a market capitalization of $15.12 million, a P/E ratio of -0.04 and a beta of -23.74. The firm’s fifty day moving average price is $27.61 and its 200 day moving average price is $18.92. Inno has a 1-year low of $1.01 and a 1-year high of $7,651.20.

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

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.