Innodata (NASDAQ:INOD) Shares Up 7.9% – Here’s What Happened

Shares of Innodata Inc. (NASDAQ:INOD) shot up 7.9% during trading on Thursday . The company traded as high as $46.54 and last traded at $46.51. 1,264,438 shares changed hands during mid-day trading, an increase of 49% from the average session volume of 847,671 shares. The stock had previously closed at $43.09.

Analysts Set New Price Targets

INOD has been the topic of a number of research analyst reports. BWS Financial boosted 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. StockNews.com raised shares of Innodata from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Wedbush initiated coverage on shares of Innodata in a research note on Thursday, December 19th. They issued an “outperform” rating and a $48.00 price target for the company. Chardan Capital restated a “buy” rating and issued a $45.00 price objective on shares of Innodata in a report on Friday, December 13th. Finally, Craig Hallum started coverage on Innodata in a report on Tuesday, September 17th. They set a “buy” rating and a $23.00 target price on the stock. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $38.20.

Innodata Stock Up 7.4 %

The stock has a market cap of $1.34 billion, a PE ratio of 78.48 and a beta of 2.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.84 and a quick ratio of 1.84. The company has a 50 day moving average price of $34.66 and a two-hundred day moving average price of $22.76.

Insider Activity

In other news, Director Stewart R. Massey sold 50,000 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $40.55, for a total transaction of $2,027,500.00. Following the transaction, the director now directly owns 25,262 shares of the company’s stock, valued at $1,024,374.10. This represents a 66.43 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Ashok Mishra sold 92,726 shares of Innodata stock in a transaction 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 disclosure for this sale can be found here. Insiders have sold a total of 1,035,083 shares of company stock valued at $46,889,370 in the last 90 days. 15.23% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Deerfield Management Company L.P. Series C increased 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 purchasing an additional 84,509 shares during the last quarter. Rathbones Group PLC bought a new stake in Innodata during the second quarter valued at approximately $916,000. Marshall Wace LLP increased its holdings in Innodata by 83.9% during the second quarter. Marshall Wace LLP now owns 85,395 shares of the technology company’s stock valued at $1,266,000 after buying an additional 38,954 shares during the last quarter. Barclays PLC raised its position in Innodata by 324.3% in the third quarter. Barclays PLC now owns 38,557 shares of the technology company’s stock worth $647,000 after acquiring an additional 29,470 shares during the period. Finally, Squarepoint Ops LLC purchased a new position in shares of Innodata during the 2nd quarter worth $381,000. 30.75% of the stock is 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.