Innodata (NASDAQ:INOD) Sets New 52-Week High – Time to Buy?

Innodata Inc. (NASDAQ:INOD) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $55.45 and last traded at $52.90, with a volume of 1043849 shares changing hands. The stock had previously closed at $52.29.

Analyst Ratings Changes

INOD has been the subject of a number of research reports. Wedbush started coverage on Innodata in a research note on Thursday, December 19th. They set an “outperform” rating and a $48.00 price target for the company. Chardan Capital reiterated a “buy” rating and set a $45.00 price objective on shares of Innodata in a research report on Friday, December 13th. BWS Financial increased their price objective on Innodata from $30.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, StockNews.com upgraded Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $38.20.

Innodata Price Performance

The stock has a fifty day moving average price of $39.44 and a 200-day moving average price of $28.50. The company has a market cap of $1.53 billion, a PE ratio of 89.45 and a beta of 2.57. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.84 and a quick ratio of 1.84.

Insider Activity

In other news, CFO Marissa B. Espineli sold 38,333 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $47.17, for a total value of $1,808,167.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Nauman Sabeeh Toor sold 110,207 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $44.00, for a total value of $4,849,108.00. Following the completion of the sale, the director now owns 209,194 shares of the company’s stock, valued at $9,204,536. The trade was a 34.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 985,083 shares of company stock worth $44,861,870 over the last quarter. Corporate insiders own 15.23% of the company’s stock.

Hedge Funds Weigh In On Innodata

A number of hedge funds have recently modified their holdings of the stock. Invesco Ltd. increased its stake in shares of Innodata by 2.0% in the fourth quarter. Invesco Ltd. now owns 11,781 shares of the technology company’s stock worth $466,000 after acquiring an additional 232 shares during the last quarter. NewEdge Advisors LLC increased its stake in shares of Innodata by 2.7% in the fourth quarter. NewEdge Advisors LLC now owns 11,300 shares of the technology company’s stock worth $447,000 after acquiring an additional 300 shares during the last quarter. AlphaQuest LLC increased its stake in shares of Innodata by 79.4% in the fourth quarter. AlphaQuest LLC now owns 1,030 shares of the technology company’s stock worth $41,000 after acquiring an additional 456 shares during the last quarter. Allworth Financial LP acquired a new position in shares of Innodata in the fourth quarter worth $29,000. Finally, USA Financial Formulas acquired a new position in shares of Innodata in the fourth quarter worth $36,000. 30.75% of the stock is owned by institutional investors and hedge funds.

Innodata Company Profile

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.