Innodata (NASDAQ:INOD) Stock Price Down 16.3% – Here’s What Happened

Innodata Inc. (NASDAQ:INOD) was down 16.3% during trading on Friday . The company traded as low as $28.56 and last traded at $27.91. Approximately 1,062,084 shares traded hands during mid-day trading, a decline of 13% from the average daily volume of 1,219,151 shares. The stock had previously closed at $33.33.

Analysts Set New Price Targets

INOD has been the subject of several recent research reports. Chardan Capital reiterated a “buy” rating and set a $45.00 target price on shares of Innodata in a research note on Friday, December 13th. BWS Financial increased their price objective on Innodata from $45.00 to $74.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Maxim Group boosted their target price on Innodata from $54.00 to $75.00 and gave the company a “buy” rating in a report on Friday, February 21st. Finally, Wedbush assumed coverage on shares of Innodata in a research report on Thursday, December 19th. They issued an “outperform” rating and a $48.00 price objective on the stock. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Innodata Trading Down 10.1 %

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 business’s fifty day moving average is $45.04 and its 200 day moving average is $36.20. The stock has a market cap of $938.06 million, a PE ratio of 35.26 and a beta of 2.59.

Innodata (NASDAQ:INOD) last announced its quarterly earnings results on Thursday, February 20th. The technology company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.11 by $0.20. The business had revenue of $59.18 million for the quarter, compared to analyst estimates of $53.01 million. Innodata had a return on equity of 66.36% and a net margin of 16.81%. As a group, analysts predict that Innodata Inc. will post 0.81 earnings per share for the current year.

Insider Activity at Innodata

In related news, COO Ashok Mishra sold 48,650 shares of Innodata stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $65.07, for a total transaction of $3,165,655.50. Following the completion of the sale, the chief operating officer now owns 60,000 shares in the company, valued at approximately $3,904,200. This trade represents a 44.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Marissa B. Espineli sold 30,000 shares of the company’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $65.09, for a total transaction of $1,952,700.00. Following the completion of the transaction, the chief financial officer now owns 18,000 shares in the company, valued at approximately $1,171,620. This trade represents a 62.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 275,427 shares of company stock valued at $17,790,794. Insiders own 15.23% of the company’s stock.

Hedge Funds Weigh In On Innodata

A number of institutional investors have recently modified their holdings of the company. Allworth Financial LP purchased a new position in Innodata during the fourth quarter worth about $29,000. USA Financial Formulas acquired a new position in Innodata during the fourth quarter worth approximately $36,000. Meeder Asset Management Inc. purchased a new position in Innodata during the fourth quarter worth approximately $36,000. AlphaQuest LLC boosted its holdings in shares of Innodata by 79.4% in the 4th quarter. AlphaQuest LLC now owns 1,030 shares of the technology company’s stock valued at $41,000 after purchasing an additional 456 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Innodata in the 4th quarter worth $150,000. Institutional investors and hedge funds 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.