Inno Stock Set to Reverse Split on Monday, May 4th (NASDAQ:INHD)

Inno Holdings Inc. (NASDAQ:INHD)’s stock is scheduled to reverse split on the morning of Monday, May 4th. The 1-20 reverse split was announced on Wednesday, April 29th. The number of shares owned by shareholders will be adjusted after the market closes on Friday, May 1st.

Inno Stock Down 28.0%

Shares of NASDAQ:INHD traded down $0.03 during midday trading on Thursday, hitting $0.09. 45,900,119 shares of the stock traded hands, compared to its average volume of 13,708,303. The stock has a market capitalization of $726,883.20, a PE ratio of -0.01 and a beta of -0.58. The business’s 50 day moving average is $0.75 and its two-hundred day moving average is $6.34. Inno has a one year low of $0.08 and a one year high of $474.72.

Wall Street Analysts Forecast Growth

INHD has been the subject of several recent analyst reports. Wall Street Zen downgraded shares of Inno from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Inno in a research note on Tuesday, April 21st. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Sell”.

Hedge Funds Weigh In On Inno

A number of institutional investors have recently bought and sold shares of INHD. Geode Capital Management LLC raised its stake in 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 buying an additional 10,177 shares in the last quarter. Two Sigma Investments LP bought a new position in Inno in the third quarter worth about $58,000. T3 Companies LLC bought a new position in Inno in the fourth quarter worth about $41,000. Jane Street Group LLC bought a new position in Inno in the fourth quarter worth about $75,000. Finally, Virtu Financial LLC bought a new position in Inno in the fourth quarter worth about $36,000. 0.16% of the stock is owned by institutional investors.

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.