Short Interest in Innodata Inc. (NASDAQ:INOD) Drops By 7.1%

Innodata Inc. (NASDAQ:INOD) was the target of a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 3,810,000 shares, a decline of 7.1% from the October 15th total of 4,100,000 shares. Based on an average daily trading volume, of 732,800 shares, the short-interest ratio is presently 5.2 days.

Insider Buying and Selling

In related news, Director Stewart R. Massey sold 50,000 shares of Innodata stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $40.55, for a total transaction of $2,027,500.00. Following the completion of the sale, the director now owns 25,262 shares of the company’s stock, valued at approximately $1,024,374.10. The trade was a 66.43 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Ashok Mishra sold 92,726 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $43.16, for a total transaction of $4,002,054.16. The disclosure for this sale can be found here. 15.23% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Innodata

Hedge funds and other institutional investors have recently made changes to their positions in the company. Los Angeles Capital Management LLC acquired a new position in shares of Innodata in the 3rd quarter valued at approximately $330,000. Vanguard Group Inc. increased its position in Innodata by 2.0% during the 1st 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 in the last quarter. Rathbones Group PLC acquired a new position in Innodata during the 2nd quarter worth approximately $916,000. Price T Rowe Associates Inc. MD increased its position in Innodata by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,348 shares of the technology company’s stock worth $102,000 after purchasing an additional 982 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C increased its position in 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 worth $1,658,000 after purchasing an additional 84,509 shares in the last quarter. 30.75% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

INOD has been the subject of a number of recent research 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 report on Friday, November 8th. StockNews.com raised shares of Innodata from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Craig Hallum initiated coverage on shares of Innodata in a report on Tuesday, September 17th. They issued a “buy” rating and a $23.00 price objective for the company. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Innodata presently has an average rating of “Moderate Buy” and an average price target of $32.67.

Innodata Price Performance

Shares of NASDAQ:INOD opened at $44.68 on Wednesday. The firm has a 50 day moving average of $20.84 and a 200-day moving average of $17.29. The stock has a market capitalization of $1.30 billion, a PE ratio of 75.73 and a beta of 2.30. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.15. Innodata has a 12 month low of $5.46 and a 12 month high of $49.72.

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.