Short Interest in Innodata Inc. (NASDAQ:INOD) Decreases By 7.1%

Innodata Inc. (NASDAQ:INOD) was the target of a significant drop in short interest in October. As of October 31st, there was short interest totalling 3,810,000 shares, a drop of 7.1% from the October 15th total of 4,100,000 shares. Based on an average daily volume of 732,800 shares, the short-interest ratio is currently 5.2 days.

Analysts Set New Price Targets

Several research analysts have issued reports on INOD shares. Craig Hallum began coverage on shares of Innodata in a report on Tuesday, September 17th. They issued a “buy” rating and a $23.00 target price for the company. BWS Financial boosted their price objective on shares of Innodata from $30.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, StockNews.com upgraded Innodata from a “sell” rating to a “hold” rating in a research note on Saturday. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Innodata presently has an average rating of “Moderate Buy” and a consensus target price of $32.67.

Innodata Stock Performance

Shares of INOD stock opened at $36.75 on Monday. 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 company has a 50 day moving average price of $20.30 and a 200-day moving average price of $16.97. Innodata has a 52 week low of $5.46 and a 52 week high of $49.72. The firm has a market capitalization of $1.07 billion, a PE ratio of 62.29 and a beta of 2.30.

Insider Buying and Selling at Innodata

In other news, Director Stewart R. Massey sold 50,000 shares of Innodata 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 completion of the transaction, the director now owns 25,262 shares of the company’s stock, valued at $1,024,374.10. The trade was a 66.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 15.23% of the company’s stock.

Institutional Investors Weigh In On Innodata

Several institutional investors and hedge funds have recently added to or reduced their stakes in INOD. Vanguard Group Inc. boosted its stake in shares of Innodata by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 1,460,430 shares of the technology company’s stock worth $9,639,000 after buying an additional 28,173 shares during the last quarter. Janus Henderson Group PLC bought a new position in shares of Innodata in the 1st quarter worth approximately $8,142,000. Geode Capital Management LLC boosted its stake in shares of Innodata by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 613,748 shares of the technology company’s stock worth $10,294,000 after acquiring an additional 13,609 shares during the last quarter. State Street Corp raised its holdings in Innodata by 1.8% in the 3rd quarter. State Street Corp now owns 537,301 shares of the technology company’s stock worth $9,011,000 after purchasing an additional 9,408 shares during the period. Finally, Deerfield Management Company L.P. Series C lifted its position in Innodata by 309.5% during the second 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 in the last quarter. Hedge funds and other institutional investors own 30.75% of the company’s stock.

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.