Innodata (NASDAQ:INOD) Shares Gap Up – Here’s What Happened

Innodata Inc. (NASDAQ:INOD) shares gapped up prior to trading on Wednesday . The stock had previously closed at $38.28, but opened at $39.91. Innodata shares last traded at $39.08, with a volume of 265,025 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on INOD shares. StockNews.com upgraded Innodata from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. 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 target price for the company. Finally, BWS Financial lifted their price target on shares of Innodata from $30.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Innodata currently has an average rating of “Moderate Buy” and a consensus price target of $32.67.

Innodata Stock Up 2.1 %

The firm has a market capitalization of $1.13 billion, a PE ratio of 64.88 and a beta of 2.55. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.15. The firm’s 50 day moving average price is $29.61 and its two-hundred day moving average price is $20.87.

Insider Activity at Innodata

In other news, CFO Marissa B. Espineli sold 38,333 shares of Innodata stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $47.17, for a total value of $1,808,167.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stewart R. Massey sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were 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 approximately $1,024,374.10. This represents a 66.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 924,876 shares of company stock valued at $42,040,262. Insiders own 15.23% of the company’s stock.

Institutional Investors Weigh In On Innodata

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Innodata by 2.0% in the first quarter. Vanguard Group Inc. now owns 1,460,430 shares of the technology company’s stock valued at $9,639,000 after buying an additional 28,173 shares during the last quarter. Geode Capital Management LLC grew its position in Innodata by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 613,748 shares of the technology company’s stock worth $10,294,000 after purchasing an additional 13,609 shares during the last quarter. State Street Corp increased its stake in shares of Innodata by 1.8% in the third quarter. State Street Corp now owns 537,301 shares of the technology company’s stock valued at $9,011,000 after purchasing an additional 9,408 shares during the period. Deerfield Management Company L.P. Series C raised its holdings 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 buying an additional 84,509 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in shares of Innodata by 83.9% during the second quarter. Marshall Wace LLP now owns 85,395 shares of the technology company’s stock worth $1,266,000 after buying an additional 38,954 shares during the period. Institutional investors and hedge funds 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.