Innodata (NASDAQ:INOD) Shares Up 7.9% – Time to Buy?

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

Analyst Upgrades and Downgrades

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

Innodata Price Performance

The business has a fifty day moving average of $34.66 and a 200-day moving average of $22.76. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.15. The firm has a market cap of $1.34 billion, a PE ratio of 78.48 and a beta of 2.56.

Insider Transactions at Innodata

In other Innodata news, Director Stewart R. Massey sold 50,000 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 25,262 shares in the company, valued at $1,024,374.10. This trade represents a 66.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Ashok Mishra sold 92,726 shares of the business’s 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. Over the last ninety days, insiders have sold 1,035,083 shares of company stock valued at $46,889,370. 15.23% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Innodata

Hedge funds and other institutional investors have recently modified their holdings of the stock. Deerfield Management Company L.P. Series C boosted 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 valued at $1,658,000 after buying an additional 84,509 shares during the period. Rathbones Group PLC bought a new position in shares of Innodata during the second quarter valued at about $916,000. Marshall Wace LLP boosted its holdings in shares of Innodata by 83.9% during the second quarter. Marshall Wace LLP now owns 85,395 shares of the technology company’s stock worth $1,266,000 after purchasing an additional 38,954 shares during the period. Barclays PLC grew its stake in shares of 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 purchasing an additional 29,470 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new position in Innodata during the 2nd quarter valued at about $381,000. Institutional investors own 30.75% of the company’s stock.

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.