Innodata (NASDAQ:INOD) Shares Down 8.5% – What’s Next?

Shares of Innodata Inc. (NASDAQ:INOD) were down 8.5% during trading on Wednesday . The stock traded as low as $35.59 and last traded at $35.79. Approximately 540,900 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 1,366,769 shares. The stock had previously closed at $39.10.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on INOD shares. 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 for the company. StockNews.com raised Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Chardan Capital reaffirmed a “buy” rating and issued a $45.00 target price on shares of Innodata in a research report on Friday, December 13th. BWS Financial raised 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. Finally, Wedbush started coverage on Innodata in a research report on Thursday, December 19th. They issued an “outperform” rating and a $48.00 target price for the company. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $38.20.

Innodata Stock Down 2.2 %

The company has a debt-to-equity ratio of 0.15, a current ratio of 1.84 and a quick ratio of 1.84. The firm has a 50 day simple moving average of $39.35 and a 200-day simple moving average of $24.72. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of 60.95 and a beta of 2.59.

Insider Activity

In other news, Director Stewart R. Massey sold 50,000 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $40.55, for a total value of $2,027,500.00. Following the completion of the sale, the director now directly owns 25,262 shares in the company, valued at approximately $1,024,374.10. This trade represents a 66.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Jack Abuhoff sold 225,000 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $46.38, for a total value of $10,435,500.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,035,083 shares of company stock worth $46,889,370. 15.23% of the stock is owned by corporate insiders.

Institutional Trading of Innodata

A number of hedge funds and other institutional investors have recently made changes to their positions in INOD. Charles Schwab Investment Management Inc. increased its position in Innodata by 2.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 76,954 shares of the technology company’s stock worth $1,291,000 after purchasing an additional 1,843 shares during the period. Compass Ion Advisors LLC increased its position in Innodata by 5.6% in the third quarter. Compass Ion Advisors LLC now owns 37,674 shares of the technology company’s stock worth $632,000 after purchasing an additional 2,011 shares during the period. JPMorgan Chase & Co. increased its position in Innodata by 17.1% in the third quarter. JPMorgan Chase & Co. now owns 14,408 shares of the technology company’s stock worth $242,000 after purchasing an additional 2,099 shares during the period. Private Advisor Group LLC increased its position in Innodata by 17.4% in the third quarter. Private Advisor Group LLC now owns 14,907 shares of the technology company’s stock worth $250,000 after purchasing an additional 2,207 shares during the period. Finally, BNP Paribas Financial Markets increased its position in Innodata by 38.5% in the third quarter. BNP Paribas Financial Markets now owns 13,443 shares of the technology company’s stock worth $225,000 after purchasing an additional 3,739 shares during the period. 30.75% of the stock is currently owned by institutional investors and hedge funds.

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.