Is Inotiv (NOTV) Stock Undervalued?
Headwaters Capital Management, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund’s portfolio gained 1.6% net compared to a -3.4% decline for the Russell Mid Cap index. The portfolio’s outperformance in the third quarter was attributed to stock selection. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Headwaters Capital discussed stocks like Inotiv, Inc. (NASDAQ:NOTV) in the Q3 2022 investor letter. Based in West Lafayette, Indiana, Inotiv, Inc. (NASDAQ:NOTV) is a drug discovery and development services provider that operates through Contract Research Services and Research Products segments. On October 25, 2022, Inotiv, Inc. (NASDAQ:NOTV) stock closed at $22.10 per share. One-month return of Inotiv, Inc. (NASDAQ:NOTV) was 26.94% and its shares lost 52.11% of their value over the last 52 weeks. Inotiv, Inc. (NASDAQ:NOTV) has a market capitalization of $565.638 million.
Headwaters Capital made the following comment about Inotiv, Inc. (NASDAQ:NOTV) in its Q3 2022 investor letter:
"Top Contributor: Inotiv, Inc. (NASDAQ:NOTV) +76%. The portfolio’s top detractor from Q2 saw a strong rebound in Q3 as the company settled the DOJ investigation and fundamentals of the business continued to outperform expectations. Despite the significant share price appreciation during the quarter, I continue to believe that shares are significantly undervalued. Insider buying continued during the quarter at prices 28% higher than the stock price at quarter end, implying that management is also optimistic about future returns for the company."
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Inotiv, Inc. (NASDAQ:NOTV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Inotiv, Inc. (NASDAQ:NOTV) at the end of the second quarter which was 15 in the previous quarter.
We discussed Inotiv, Inc. (NASDAQ:NOTV) in another article and shared Summers Value Partners' views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
