Wedbush Begins Coverage on Innodata (NASDAQ:INOD)

Wedbush began coverage on shares of Innodata (NASDAQ:INOD) in a note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $48.00 price target on the technology company’s stock. Wedbush’s target price indicates a potential upside of 11.60% from the stock’s current price.

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

Innodata Price Performance

Innodata stock opened at $43.01 on Thursday. 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 capitalization of $1.25 billion, a P/E ratio of 72.90 and a beta of 2.56. The business has a 50-day moving average of $33.10 and a 200-day moving average of $22.11. Innodata has a 1 year low of $5.46 and a 1 year high of $55.17.

Insider Buying and Selling

In other news, Director Stewart R. Massey sold 50,000 shares of the business’s stock in a transaction dated 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 sale, the director now directly owns 25,262 shares in the company, valued at $1,024,374.10. The trade was a 66.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Louise C. Forlenza sold 4,000 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $45.10, for a total value of $180,400.00. Following the transaction, the director now directly owns 8,278 shares of the company’s stock, valued at $373,337.80. This represents a 32.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 924,876 shares of company stock valued at $42,040,262. Company insiders own 15.23% of the company’s stock.

Hedge Funds Weigh In On Innodata

Hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. acquired a new position in Innodata during the third quarter worth $311,000. Los Angeles Capital Management LLC bought a new stake in Innodata during the 3rd quarter worth about $330,000. Rathbones Group PLC bought a new stake in Innodata during the 2nd quarter worth about $916,000. Centiva Capital LP acquired a new position in shares of Innodata during the 3rd quarter worth about $318,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of Innodata by 38.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 13,443 shares of the technology company’s stock valued at $225,000 after acquiring an additional 3,739 shares in the last quarter. 30.75% of the stock is owned by institutional investors.

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.