Innodata (NASDAQ:INOD) Stock Price Up 10% – Here’s What Happened

Innodata Inc. (NASDAQ:INOD)’s stock price rose 10% during mid-day trading on Monday . The stock traded as high as $38.19 and last traded at $37.94. Approximately 379,286 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 814,651 shares. The stock had previously closed at $34.50.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on INOD. Chardan Capital reissued a “buy” rating and set a $45.00 target price on shares of Innodata in a research report on Friday. BWS Financial lifted 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. StockNews.com raised Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Finally, Craig Hallum began coverage on Innodata in a research report on Tuesday, September 17th. They set a “buy” rating and a $23.00 target price on the stock. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $35.75.

Innodata Stock Up 8.7 %

The business’s fifty day simple moving average is $30.83 and its 200 day simple moving average is $21.35. 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 stock has a market cap of $1.09 billion, a price-to-earnings ratio of 64.31 and a beta of 2.56.

Insider Activity at Innodata

In other Innodata news, Director Nauman Sabeeh Toor sold 200,000 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $45.37, for a total transaction of $9,074,000.00. Following the completion of the transaction, the director now owns 319,401 shares in the company, valued at approximately $14,491,223.37. This represents a 38.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jack Abuhoff sold 225,000 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $46.38, for a total value of $10,435,500.00. Following the transaction, the chief executive officer now owns 1,188,358 shares of the company’s stock, valued at approximately $55,116,044.04. This trade represents a 15.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 924,876 shares of company stock worth $42,040,262 in the last quarter. Corporate insiders own 15.23% of the company’s stock.

Hedge Funds Weigh In On Innodata

Large investors have recently modified their holdings of the business. Principal Financial Group Inc. acquired a new position in shares of Innodata during the 3rd quarter worth about $311,000. Los Angeles Capital Management LLC acquired a new stake in Innodata in the 3rd quarter valued at about $330,000. Rathbones Group PLC acquired a new stake in Innodata in the 2nd quarter valued at about $916,000. Price T Rowe Associates Inc. MD lifted its stake in Innodata by 6.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,348 shares of the technology company’s stock valued at $102,000 after purchasing an additional 982 shares during the last quarter. Finally, Centiva Capital LP acquired a new stake in Innodata in the 3rd quarter valued at about $318,000. 30.75% of the stock is currently owned by institutional investors and hedge funds.

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.