Innodata (NASDAQ:INOD) Shares Gap Down – Here’s Why

Shares of Innodata Inc. (NASDAQ:INOD) gapped down before the market opened on Monday . The stock had previously closed at $35.96, but opened at $33.98. Innodata shares last traded at $33.38, with a volume of 262,326 shares traded.

Analysts Set New Price Targets

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

Innodata Trading Up 1.6 %

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 company has a market capitalization of $984.55 million, a price-to-earnings ratio of 57.54 and a beta of 2.59. The business’s 50-day moving average price is $40.14 and its two-hundred day moving average price is $25.29.

Insider Buying and Selling at Innodata

In related news, CFO Marissa B. Espineli sold 38,333 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $47.17, for a total transaction of $1,808,167.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jack Abuhoff sold 225,000 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $46.38, for a total transaction of $10,435,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,188,358 shares in the company, valued at approximately $55,116,044.04. This represents a 15.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,035,083 shares of company stock valued at $46,889,370 in the last three months. Corporate insiders own 15.23% of the company’s stock.

Institutional Trading of Innodata

A number of institutional investors and hedge funds have recently made changes to their positions in INOD. Hennion & Walsh Asset Management Inc. acquired a new position in Innodata during the fourth quarter valued at approximately $371,000. USA Financial Formulas acquired a new position in shares of Innodata during the 4th quarter worth $36,000. Harbour Capital Advisors LLC bought a new stake in shares of Innodata during the 4th quarter worth $292,000. Silverleafe Capital Partners LLC bought a new stake in shares of Innodata during the 4th quarter worth $913,000. Finally, JPMorgan Chase & Co. boosted its stake in Innodata by 17.1% in the third quarter. JPMorgan Chase & Co. now owns 14,408 shares of the technology company’s stock valued at $242,000 after buying an additional 2,099 shares in the last quarter. 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.