Short Interest in Inno Holdings Inc. (NASDAQ:INHD) Declines By 46.9%

Inno Holdings Inc. (NASDAQ:INHD) was the target of a large decline in short interest during the month of May. As of May 29th, there was short interest totaling 146,651 shares, a decline of 46.9% from the May 14th total of 275,968 shares. Approximately 5.8% of the company’s stock are sold short. Based on an average daily trading volume, of 107,383 shares, the days-to-cover ratio is presently 1.4 days.

Inno Stock Performance

Shares of Inno stock remained flat at $39.49 during trading on Friday. The business has a 50-day simple moving average of $6.93 and a two-hundred day simple moving average of $26.04. The firm has a market capitalization of $99.55 million, a PE ratio of -0.26 and a beta of -2.80. Inno has a twelve month low of $1.01 and a twelve month high of $7,651.20.

Hedge Funds Weigh In On Inno

A number of institutional investors have recently modified their holdings of INHD. Geode Capital Management LLC increased its holdings in shares of 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 acquiring an additional 10,177 shares during the period. Two Sigma Investments LP acquired a new position in shares of Inno in the 3rd quarter valued at $58,000. T3 Companies LLC acquired a new position in shares of Inno in the 4th quarter valued at $41,000. Jane Street Group LLC acquired a new position in Inno in the 4th quarter valued at $75,000. Finally, Virtu Financial LLC acquired a new position in Inno in the 4th quarter valued at $36,000. 0.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on INHD. Weiss Ratings upgraded shares of Inno from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 8th. Wall Street Zen cut shares of Inno from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, Inno presently has a consensus rating of “Sell”.

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.