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

Inno Holdings Inc. (NASDAQ:INHD) was the recipient of a large drop in short interest in the month of 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 daily volume of 1,101,491 shares, the short-interest ratio is presently 0.3 days. Approximately 65.6% of the shares of the stock are short sold.

Hedge Funds Weigh In On Inno

Large investors have recently added to or reduced their stakes in the business. Virtu Financial LLC purchased a new position in Inno in the 4th quarter worth $36,000. T3 Companies LLC purchased a new position in Inno in the 4th quarter worth $41,000. Geode Capital Management LLC raised its position in Inno by 48.6% in the 2nd quarter. Geode Capital Management LLC now owns 31,128 shares of the company’s stock worth $43,000 after purchasing an additional 10,177 shares during the period. Two Sigma Investments LP purchased a new position in Inno in the 3rd quarter worth $58,000. Finally, Jane Street Group LLC purchased a new position in Inno in the 4th quarter worth $75,000. Hedge funds and other institutional investors own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on INHD. Wall Street Zen downgraded shares of Inno from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. Weiss Ratings reissued a “sell (e+)” rating on shares of Inno in a report on Tuesday, April 21st. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Inno presently has a consensus rating of “Sell”.

Inno Price Performance

NASDAQ:INHD traded down $0.19 during trading hours on Wednesday, hitting $1.14. The stock had a trading volume of 101,147 shares, compared to its average volume of 2,285,684. Inno has a one year low of $1.14 and a one year high of $7,651.20. The firm has a market capitalization of $478,800.00, a price-to-earnings ratio of -0.01 and a beta of -2.69. The company has a 50 day simple moving average of $7.74 and a two-hundred day simple moving average of $56.91.

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.