Innodata (NASDAQ:INOD) Sees Large Volume Increase – Here’s Why

Shares of Innodata Inc. (NASDAQ:INOD) saw strong trading volume on Thursday . 632,224 shares changed hands during mid-day trading, a decline of 23% from the previous session’s volume of 823,164 shares.The stock last traded at $40.88 and had previously closed at $34.19.

Analyst Upgrades and Downgrades

INOD has been the topic of several recent research reports. Chardan Capital reaffirmed 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 shares of Innodata in a research report on Thursday. They set an “outperform” rating and a $48.00 price objective for the company. BWS Financial lifted their price objective on shares of Innodata from $30.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. StockNews.com upgraded shares of Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Finally, Craig Hallum initiated coverage on Innodata in a research report on Tuesday, September 17th. They issued a “buy” rating and a $23.00 price target for the company. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $38.20.

Innodata Stock Up 8.2 %

The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.84 and a current ratio of 1.84. The company’s fifty day moving average price is $33.10 and its 200-day moving average price is $22.11. The stock has a market cap of $1.25 billion, a P/E ratio of 72.90 and a beta of 2.56.

Insiders Place Their Bets

In other news, Director Louise C. Forlenza sold 4,000 shares of Innodata stock in a transaction on Monday, November 25th. The stock was sold at an average price of $45.10, for a total transaction of $180,400.00. Following the completion of the sale, the director now directly owns 8,278 shares in the company, valued at approximately $373,337.80. This trade represents a 32.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 completion of the transaction, the director now directly owns 25,262 shares in the company, valued at $1,024,374.10. This represents a 66.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 924,876 shares of company stock valued at $42,040,262 over the last 90 days. Insiders own 15.23% of the company’s stock.

Hedge Funds Weigh In On Innodata

A number of hedge funds and other institutional investors have recently made changes to their positions in INOD. Deerfield Management Company L.P. Series C boosted its stake in shares of Innodata by 309.5% during the second 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 purchasing an additional 84,509 shares in the last quarter. Rathbones Group PLC purchased a new stake in Innodata during the second quarter worth $916,000. Marshall Wace LLP boosted its position in Innodata by 83.9% during the 2nd quarter. Marshall Wace LLP now owns 85,395 shares of the technology company’s stock valued at $1,266,000 after acquiring an additional 38,954 shares in the last quarter. Barclays PLC increased its holdings in shares of Innodata by 324.3% in the 3rd quarter. Barclays PLC now owns 38,557 shares of the technology company’s stock valued at $647,000 after acquiring an additional 29,470 shares during the period. Finally, Squarepoint Ops LLC bought a new position in shares of Innodata in the 2nd quarter worth $381,000. Institutional investors own 30.75% of the company’s stock.

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.