Innodata Inc. (NASDAQ:INOD) Short Interest Up 7.6% in October

Innodata Inc. (NASDAQ:INOD) was the target of a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 4,100,000 shares, a growth of 7.6% from the September 30th total of 3,810,000 shares. Based on an average daily trading volume, of 528,300 shares, the short-interest ratio is presently 7.8 days.

Institutional Investors Weigh In On Innodata

A number of institutional investors have recently bought and sold shares of INOD. nVerses Capital LLC purchased a new stake in Innodata in the second quarter valued at approximately $27,000. Elkhorn Partners Limited Partnership acquired a new position in shares of Innodata during the first quarter worth $94,000. Price T Rowe Associates Inc. MD raised its holdings in Innodata by 6.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 15,348 shares of the technology company’s stock valued at $102,000 after acquiring an additional 982 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Innodata by 11.2% during the first quarter. BNP Paribas Financial Markets now owns 22,208 shares of the technology company’s stock worth $147,000 after purchasing an additional 2,230 shares during the period. Finally, Private Advisor Group LLC grew its position in shares of Innodata by 17.4% during the third quarter. Private Advisor Group LLC now owns 14,907 shares of the technology company’s stock worth $250,000 after acquiring an additional 2,207 shares during the last quarter. 30.75% of the stock is currently owned by hedge funds and other institutional investors.

Innodata Price Performance

INOD traded down $1.32 during midday trading on Thursday, reaching $20.11. 807,923 shares of the company’s stock were exchanged, compared to its average volume of 612,450. The stock has a market capitalization of $582.97 million, a PE ratio of 223.44 and a beta of 2.31. Innodata has a 1-year low of $5.46 and a 1-year high of $21.90. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.45 and a quick ratio of 1.45. The business’s 50-day moving average price is $16.76 and its 200 day moving average price is $14.79.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Maxim Group began coverage on shares of Innodata in a report on Monday, July 15th. They set a “buy” rating and a $30.00 target price for the company. Craig Hallum assumed coverage on shares of Innodata in a research report on Tuesday, September 17th. They set a “buy” rating and a $23.00 price target for the company. BWS Financial increased their price target on shares of Innodata from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Finally, StockNews.com upgraded shares of Innodata to a “sell” rating in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.67.

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.