Innodata Inc. (NASDAQ:INOD) Sees Large Increase in Short Interest

Innodata Inc. (NASDAQ:INOD) was the recipient of a significant increase in short interest during the month of January. As of January 15th, there was short interest totalling 3,850,000 shares, an increase of 14.2% from the December 31st total of 3,370,000 shares. Based on an average daily volume of 1,590,000 shares, the short-interest ratio is presently 2.4 days.

Analyst Ratings Changes

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

Insiders Place Their Bets

In related news, COO Ashok Mishra sold 92,726 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $43.16, for a total value of $4,002,054.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stewart R. Massey sold 50,000 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $40.55, for a total transaction of $2,027,500.00. Following the transaction, the director now owns 25,262 shares in the company, valued at $1,024,374.10. The trade was a 66.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,035,083 shares of company stock valued at $46,889,370 over the last 90 days. Insiders own 15.23% of the company’s stock.

Hedge Funds Weigh In On Innodata

Several hedge funds and other institutional investors have recently modified their holdings of INOD. Marshall Wace LLP grew its holdings in shares of Innodata by 83.9% during the 2nd quarter. Marshall Wace LLP now owns 85,395 shares of the technology company’s stock worth $1,266,000 after acquiring an additional 38,954 shares during the period. Squarepoint Ops LLC bought a new stake in shares of Innodata during the second quarter valued at approximately $381,000. Compass Ion Advisors LLC grew its stake in Innodata by 5.6% in the third quarter. Compass Ion Advisors LLC now owns 37,674 shares of the technology company’s stock worth $632,000 after purchasing an additional 2,011 shares during the period. Private Advisor Group LLC raised its holdings in Innodata by 17.4% in the third quarter. Private Advisor Group LLC now owns 14,907 shares of the technology company’s stock worth $250,000 after purchasing an additional 2,207 shares in the last quarter. Finally, Principal Financial Group Inc. purchased a new position in Innodata during the third quarter valued at $311,000. Hedge funds and other institutional investors own 30.75% of the company’s stock.

Innodata Trading Up 2.7 %

NASDAQ INOD opened at $37.08 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.84 and a current ratio of 1.84. Innodata has a fifty-two week low of $5.46 and a fifty-two week high of $55.17. The stock has a market cap of $1.08 billion, a P/E ratio of 62.85 and a beta of 2.59. The stock has a 50 day simple moving average of $39.34 and a two-hundred day simple moving average of $27.06.

Innodata (NASDAQ:INOD) last announced its quarterly earnings results on Thursday, November 7th. The technology company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.28. The company had revenue of $52.22 million during the quarter, compared to analyst estimates of $35.47 million. Innodata had a return on equity of 44.38% and a net margin of 14.57%. During the same quarter last year, the firm posted $0.01 earnings per share. On average, analysts forecast that Innodata will post 0.62 earnings per share for the current year.

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.