Innodata (NASDAQ:INOD) Shares Up 6.2% – Here’s What Happened

Innodata Inc. (NASDAQ:INOD)’s share price traded up 6.2% during trading on Friday . The stock traded as high as $42.00 and last traded at $41.94. 108,069 shares were traded during trading, a decline of 76% from the average session volume of 459,753 shares. The stock had previously closed at $39.50.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on INOD shares. StockNews.com upgraded Innodata from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Wedbush began coverage on Innodata in a research note on Thursday, December 19th. They issued an “outperform” rating and a $48.00 price objective on the stock. BWS Financial upped their target price on Innodata from $30.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Craig Hallum started coverage on shares of Innodata in a research report on Tuesday, September 17th. They issued a “buy” rating and a $23.00 price target on the stock. Finally, Chardan Capital restated a “buy” rating and issued a $45.00 price objective on shares of Innodata in a research note on Friday, December 13th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $38.20.

Innodata Trading Up 12.2 %

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 market capitalization of $1.29 billion, a price-to-earnings ratio of 75.12 and a beta of 2.59. The business has a fifty day moving average price of $37.89 and a 200 day moving average price of $24.01.

Insiders Place Their Bets

In other Innodata news, Director Stewart R. Massey sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $40.55, for a total value of $2,027,500.00. Following the completion of the sale, the director now owns 25,262 shares in the company, valued at approximately $1,024,374.10. This trade represents a 66.43 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Ashok Mishra sold 92,726 shares of Innodata 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 disclosure for this sale can be found here. Insiders have sold 1,035,083 shares of company stock worth $46,889,370 in the last ninety days. Insiders own 15.23% of the company’s stock.

Hedge Funds Weigh In On Innodata

A number of hedge funds have recently made changes to their positions in INOD. Point72 Asset Management L.P. bought a new stake in shares of Innodata in the 3rd quarter valued at approximately $206,000. BNP Paribas Financial Markets boosted its stake in Innodata by 38.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 13,443 shares of the technology company’s stock valued at $225,000 after buying an additional 3,739 shares in the last quarter. JPMorgan Chase & Co. grew its position in Innodata by 17.1% in the third quarter. JPMorgan Chase & Co. now owns 14,408 shares of the technology company’s stock valued at $242,000 after acquiring an additional 2,099 shares during the period. Private Advisor Group LLC raised its stake in Innodata by 17.4% during the third quarter. Private Advisor Group LLC now owns 14,907 shares of the technology company’s stock worth $250,000 after acquiring an additional 2,207 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Innodata during the second quarter valued at $285,000. Institutional investors and hedge funds own 30.75% of the company’s stock.

Innodata Company Profile

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.