Innodata (NASDAQ:INOD) Shares Up 9.8% – Here’s Why

Innodata Inc. (NASDAQ:INOD)’s share price was up 9.8% during trading on Thursday . The company traded as high as $50.45 and last traded at $48.16. Approximately 964,799 shares changed hands during mid-day trading, a decline of 21% from the average daily volume of 1,225,125 shares. The stock had previously closed at $43.84.

Analysts Set New Price Targets

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

Innodata Trading Up 3.0 %

The stock has a market cap of $1.56 billion, a PE ratio of 91.26 and a beta of 2.57. The company’s fifty day moving average is $39.44 and its 200-day moving average is $28.50. 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 Transactions at Innodata

In related news, COO Ashok Mishra sold 92,726 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $43.16, for a total transaction of $4,002,054.16. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Nauman Sabeeh Toor sold 110,207 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $44.00, for a total transaction of $4,849,108.00. Following the completion of the transaction, the director now owns 209,194 shares of the company’s stock, valued at approximately $9,204,536. This trade represents a 34.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 985,083 shares of company stock worth $44,861,870 over the last quarter. 15.23% of the stock is currently owned by insiders.

Institutional Trading of Innodata

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in Innodata by 7.7% in the 4th quarter. Vanguard Group Inc. now owns 1,639,724 shares of the technology company’s stock valued at $64,802,000 after acquiring an additional 117,000 shares during the period. Geode Capital Management LLC grew its position in shares of Innodata by 2.3% in the third quarter. Geode Capital Management LLC now owns 613,748 shares of the technology company’s stock valued at $10,294,000 after purchasing an additional 13,609 shares during the period. State Street Corp increased its stake in shares of Innodata by 1.8% during the third 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 in the last quarter. JPMorgan Chase & Co. lifted its stake in Innodata by 2,038.4% in the 4th quarter. JPMorgan Chase & Co. now owns 308,095 shares of the technology company’s stock valued at $12,176,000 after buying an additional 293,687 shares in the last quarter. Finally, Trexquant Investment LP increased its stake in Innodata by 222.8% during the 4th quarter. Trexquant Investment LP now owns 300,488 shares of the technology company’s stock worth $11,875,000 after buying an additional 207,409 shares in the last quarter. 30.75% of the stock is currently owned by hedge funds and other institutional investors.

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.