Innodata (NASDAQ:INOD) Shares Gap Down After Insider Selling

Innodata Inc. (NASDAQ:INOD)’s stock price gapped down prior to trading on Tuesday following insider selling activity. The stock had previously closed at $45.39, but opened at $42.16. Innodata shares last traded at $43.35, with a volume of 591,520 shares changing hands.

Specifically, CEO Jack Abuhoff sold 187,099 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $46.07, for a total transaction of $8,619,650.93. Following the transaction, the chief executive officer now owns 1,188,358 shares in the company, valued at approximately $54,747,653.06. This represents a 13.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Louise C. Forlenza sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $45.10, for a total value of $180,400.00. Following the completion of the sale, the director now directly owns 8,278 shares in the company, valued at approximately $373,337.80. The trade was a 32.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, CFO Marissa B. Espineli sold 38,333 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $47.17, for a total transaction of $1,808,167.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on INOD shares. BWS Financial raised their price target on shares of Innodata from $30.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Craig Hallum started coverage on Innodata in a research report on Tuesday, September 17th. They issued a “buy” rating and a $23.00 target price on the stock. Finally, StockNews.com upgraded Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $32.67.

Innodata Trading Down 5.1 %

The firm has a market capitalization of $1.11 billion, a PE ratio of 64.97 and a beta of 2.30. The business has a fifty day moving average price of $24.84 and a two-hundred day moving average price of $18.93. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.15.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of INOD. Janus Henderson Group PLC purchased a new position in Innodata during the 1st quarter valued at about $8,142,000. Deerfield Management Company L.P. Series C lifted its position in shares of Innodata by 309.5% during the second quarter. Deerfield Management Company L.P. Series C now owns 111,814 shares of the technology company’s stock worth $1,658,000 after purchasing an additional 84,509 shares in the last quarter. Rathbones Group PLC purchased a new position in shares of Innodata in the second quarter valued at approximately $916,000. Marshall Wace LLP grew its holdings in shares of Innodata by 83.9% in the second quarter. Marshall Wace LLP now owns 85,395 shares of the technology company’s stock valued at $1,266,000 after purchasing an additional 38,954 shares in the last quarter. Finally, Barclays PLC increased its stake in Innodata by 324.3% during the 3rd quarter. Barclays PLC now owns 38,557 shares of the technology company’s stock worth $647,000 after buying an additional 29,470 shares during the period. 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.