Innodata (NASDAQ:INOD) Coverage Initiated by Analysts at Wedbush

Wedbush initiated coverage on shares of Innodata (NASDAQ:INOD) in a research note released on Thursday morning, Marketbeat reports. The firm issued an outperform rating and a $48.00 price target on the technology company’s stock.

Several other analysts also recently weighed in on INOD. Craig Hallum began coverage on shares of Innodata in a research report on Tuesday, September 17th. They issued a “buy” rating and a $23.00 price objective on the stock. StockNews.com upgraded shares of Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. BWS Financial lifted their price objective 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. Finally, Chardan Capital reiterated a “buy” rating and issued a $45.00 price objective on shares of Innodata in a research report on Friday, December 13th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $38.20.

Innodata Stock Performance

Shares of Innodata stock traded up $2.53 during trading hours on Thursday, reaching $42.29. The company’s stock had a trading volume of 696,785 shares, compared to its average volume of 832,117. The company’s 50 day simple moving average is $32.57 and its 200 day simple moving average is $21.91. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.84 and a current ratio of 1.84. Innodata has a one year low of $5.46 and a one year high of $55.17. The stock has a market cap of $1.23 billion, a P/E ratio of 71.68 and a beta of 2.56.

Insider Activity

In other news, CEO Jack Abuhoff sold 225,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $46.38, for a total value of $10,435,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,188,358 shares of the company’s stock, valued at approximately $55,116,044.04. This represents a 15.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Louise C. Forlenza sold 4,000 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $45.10, for a total value of $180,400.00. Following the completion of the sale, 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. Over the last three months, insiders sold 924,876 shares of company stock valued at $42,040,262. 15.23% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. nVerses Capital LLC bought a new position in Innodata in the second quarter worth $27,000. Charles Schwab Investment Management Inc. raised its stake in Innodata by 2.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 76,954 shares of the technology company’s stock worth $1,291,000 after acquiring an additional 1,843 shares in the last quarter. Compass Ion Advisors LLC raised its stake in Innodata by 5.6% during the third quarter. Compass Ion Advisors LLC now owns 37,674 shares of the technology company’s stock worth $632,000 after acquiring an additional 2,011 shares in the last quarter. Private Advisor Group LLC raised its stake in 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 in the last quarter. Finally, BNP Paribas Financial Markets increased its stake in shares of Innodata by 38.5% in the third quarter. BNP Paribas Financial Markets now owns 13,443 shares of the technology company’s stock valued at $225,000 after buying 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.