Innodata (NASDAQ:INOD) Shares Down 2.8% – Here’s What Happened

Shares of Innodata Inc. (NASDAQ:INOD) dropped 2.8% during mid-day trading on Monday . The company traded as low as $35.91 and last traded at $36.04. Approximately 505,691 shares traded hands during trading, a decline of 60% from the average daily volume of 1,271,144 shares. The stock had previously closed at $37.09.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on INOD shares. BWS Financial upped their price target on Innodata from $45.00 to $74.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Maxim Group upped their target price on Innodata from $54.00 to $75.00 and gave the company a “buy” rating in a report on Friday, February 21st. Finally, Wedbush assumed coverage on Innodata in a research report on Thursday, December 19th. They issued an “outperform” rating and a $48.00 price target for the company. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $53.00.

Innodata Price Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.84 and a current ratio of 1.84. The company has a 50-day moving average of $44.77 and a 200-day moving average of $37.30. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 42.00 and a beta of 2.66.

Innodata (NASDAQ:INOD) last released its quarterly earnings results on Thursday, February 20th. The technology company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.20. Innodata had a return on equity of 66.36% and a net margin of 16.81%. The company had revenue of $59.18 million during the quarter, compared to analysts’ expectations of $53.01 million. As a group, equities research analysts expect that Innodata Inc. will post 0.81 earnings per share for the current fiscal year.

Insider Buying and Selling at Innodata

In other Innodata news, COO Ashok Mishra sold 48,650 shares of the business’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $65.07, for a total transaction of $3,165,655.50. Following the completion of the sale, the chief operating officer now owns 60,000 shares of the company’s stock, valued at approximately $3,904,200. The trade was a 44.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Marissa B. Espineli sold 30,000 shares of the stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $65.09, for a total transaction of $1,952,700.00. Following the completion of the sale, the chief financial officer now directly owns 18,000 shares of the company’s stock, valued at $1,171,620. The trade was a 62.50 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 275,427 shares of company stock worth $17,790,794. Corporate insiders own 15.23% of the company’s stock.

Institutional Investors Weigh In On Innodata

Hedge funds have recently modified their holdings of the stock. USA Financial Formulas boosted its position in Innodata by 180.5% in the 1st quarter. USA Financial Formulas now owns 2,533 shares of the technology company’s stock valued at $91,000 after buying an additional 1,630 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Innodata by 40.0% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 13,151 shares of the technology company’s stock worth $472,000 after purchasing an additional 3,759 shares during the last quarter. Strong Tower Advisory Services bought a new stake in Innodata in the first quarter valued at $835,000. Rhumbline Advisers lifted its position in Innodata by 3.5% in the 1st quarter. Rhumbline Advisers now owns 38,100 shares of the technology company’s stock valued at $1,368,000 after purchasing an additional 1,281 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Innodata by 7,273.5% during the first quarter. GAMMA Investing LLC now owns 19,171 shares of the technology company’s stock worth $6,880,000 after buying an additional 18,911 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.