Innodata (NASDAQ:INOD) Shares Gap Up – Time to Buy?

Shares of Innodata Inc. (NASDAQ:INOD) gapped up before the market opened on Tuesday . The stock had previously closed at $37.76, but opened at $38.77. Innodata shares last traded at $37.31, with a volume of 313,119 shares.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. StockNews.com raised Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. BWS Financial raised their price target on Innodata from $30.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Chardan Capital restated a “buy” rating and set a $45.00 price objective on shares of Innodata in a report on Friday. Finally, Craig Hallum initiated coverage on shares of Innodata in a research note on Tuesday, September 17th. They issued a “buy” rating and a $23.00 target price for the company. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $35.75.

Innodata Stock Performance

The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.11 billion, a PE ratio of 64.00 and a beta of 2.56. The firm has a 50 day moving average price of $31.27 and a 200-day moving average price of $21.53.

Insider Buying and Selling

In other news, CEO Jack Abuhoff sold 225,000 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $46.38, for a total value of $10,435,500.00. Following the completion of the transaction, the chief executive officer now owns 1,188,358 shares of the company’s stock, valued at $55,116,044.04. The trade was a 15.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Stewart R. Massey sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $40.55, for a total value of $2,027,500.00. Following the sale, the director now directly owns 25,262 shares in the company, valued at approximately $1,024,374.10. This trade represents a 66.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 924,876 shares of company stock worth $42,040,262. 15.23% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. nVerses Capital LLC purchased a new position in shares of Innodata during the 2nd quarter valued at approximately $27,000. Price T Rowe Associates Inc. MD increased its holdings in Innodata by 6.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 15,348 shares of the technology company’s stock valued at $102,000 after buying an additional 982 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Innodata in the third quarter valued at $206,000. BNP Paribas Financial Markets boosted its stake in shares of Innodata by 38.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 13,443 shares of the technology company’s stock worth $225,000 after acquiring an additional 3,739 shares in the last quarter. Finally, Private Advisor Group LLC boosted its stake in shares of Innodata by 17.4% during the 3rd quarter. Private Advisor Group LLC now owns 14,907 shares of the technology company’s stock worth $250,000 after acquiring an additional 2,207 shares in the last quarter. 30.75% of the stock is owned by institutional investors and hedge funds.

About Innodata

Innodata Inc operates as a global data engineering company in the United States, the United Kingdom, the Netherlands, Canada, and internationally. The company operates through three segments: Digital Data Solutions (DDS), Synodex, and Agility. The DDS segment engages in the provision of artificial intelligence (AI) data preparation services; collecting or creating training data; annotating training data; and training AI algorithms for its customers, as well as AI model deployment and integration services.