Innodata Inc. (NASDAQ:INOD) Short Interest Update

Innodata Inc. (NASDAQ:INOD) was the recipient of a significant growth in short interest during the month of October. As of October 15th, there was short interest totalling 4,100,000 shares, a growth of 7.6% from the September 30th total of 3,810,000 shares. Based on an average daily trading volume, of 528,300 shares, the days-to-cover ratio is currently 7.8 days.

Institutional Trading of Innodata

A number of hedge funds have recently modified their holdings of INOD. Vanguard Group Inc. lifted its position in Innodata by 2.0% in the first quarter. Vanguard Group Inc. now owns 1,460,430 shares of the technology company’s stock worth $9,639,000 after purchasing an additional 28,173 shares during the period. Janus Henderson Group PLC bought a new position in shares of Innodata during the 1st quarter worth about $8,142,000. GSA Capital Partners LLP lifted its holdings in shares of Innodata by 128.5% during the 1st quarter. GSA Capital Partners LLP now owns 137,664 shares of the technology company’s stock worth $909,000 after acquiring an additional 77,410 shares during the period. Deerfield Management Company L.P. Series C boosted its position in shares of Innodata by 309.5% during the 2nd 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 acquiring an additional 84,509 shares in the last quarter. Finally, Marshall Wace LLP raised its position in Innodata by 83.9% in the second quarter. Marshall Wace LLP now owns 85,395 shares of the technology company’s stock worth $1,266,000 after purchasing an additional 38,954 shares in the last quarter. Institutional investors own 30.75% of the company’s stock.

Innodata Stock Performance

Innodata stock traded down $1.32 during mid-day trading on Thursday, reaching $20.11. The company had a trading volume of 808,474 shares, compared to its average volume of 612,450. The company has a 50 day moving average of $16.76 and a 200-day moving average of $14.79. Innodata has a 52 week low of $5.46 and a 52 week high of $21.90. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.24. The firm has a market cap of $582.97 million, a price-to-earnings ratio of 223.44 and a beta of 2.31.

Analyst Ratings Changes

A number of brokerages have recently commented on INOD. StockNews.com raised Innodata to a “sell” rating in a report on Wednesday, October 23rd. BWS Financial upped their price objective on shares of Innodata from $24.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Craig Hallum assumed coverage on shares of Innodata in a research report on Tuesday, September 17th. They set a “buy” rating and a $23.00 target price for the company. Finally, Maxim Group started coverage on Innodata in a research report on Monday, July 15th. They issued a “buy” rating and a $30.00 price target on the stock. One research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.67.

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.