Innodata (NASDAQ:INOD) Trading Up 6.2% – Here’s What Happened

Innodata Inc. (NASDAQ:INOD)’s share price was up 6.2% during trading on Friday . The company traded as high as $42.00 and last traded at $41.94. Approximately 108,069 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 459,753 shares. The stock had previously closed at $39.50.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on INOD. StockNews.com raised shares of Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. BWS Financial boosted their target price on shares of Innodata from $30.00 to $45.00 and gave the company a “buy” rating in a report on Friday, November 8th. Chardan Capital reissued a “buy” rating and issued a $45.00 price objective on shares of Innodata in a research report on Friday, December 13th. Craig Hallum started coverage on Innodata in a research note on Tuesday, September 17th. They issued a “buy” rating and a $23.00 price target on the stock. Finally, Wedbush assumed coverage on shares of Innodata in a research report on Thursday, December 19th. They set an “outperform” rating and a $48.00 price objective for the company. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $38.20.

Innodata Trading Up 6.6 %

The firm has a 50-day moving average price of $37.41 and a 200-day moving average price of $23.81. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.22 billion, a PE ratio of 71.34 and a beta of 2.56.

Insider Buying and Selling

In related news, Director Louise C. Forlenza sold 4,000 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $45.10, for a total value of $180,400.00. Following the sale, the director now owns 8,278 shares in the company, valued at approximately $373,337.80. This trade represents a 32.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 transaction, the chief executive officer now owns 1,188,358 shares of the company’s stock, valued at approximately $55,116,044.04. The trade was a 15.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,035,083 shares of company stock valued at $46,889,370. 15.23% of the stock is owned by insiders.

Hedge Funds Weigh In On Innodata

A number of institutional investors have recently made changes to their positions in the stock. Deerfield Management Company L.P. Series C increased its position in Innodata by 309.5% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 111,814 shares of the technology company’s stock valued at $1,658,000 after purchasing an additional 84,509 shares during the period. Rathbones Group PLC purchased a new position in shares of Innodata during the second quarter valued at about $916,000. Marshall Wace LLP raised its stake in Innodata by 83.9% in the second quarter. Marshall Wace LLP now owns 85,395 shares of the technology company’s stock worth $1,266,000 after buying an additional 38,954 shares in the last quarter. Barclays PLC lifted its holdings in Innodata by 324.3% in the third quarter. Barclays PLC now owns 38,557 shares of the technology company’s stock worth $647,000 after buying an additional 29,470 shares during the period. Finally, Squarepoint Ops LLC bought a new stake in Innodata during the 2nd quarter valued at approximately $381,000. Institutional investors own 30.75% of the company’s stock.

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.