Innodata (NASDAQ:INOD) Sees Strong Trading Volume – Should You Buy?

Shares of Innodata Inc. (NASDAQ:INOD) saw unusually-high trading volume on Tuesday . Approximately 508,362 shares traded hands during mid-day trading, a decline of 54% from the previous session’s volume of 1,100,448 shares.The stock last traded at $39.99 and had previously closed at $43.76.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wedbush started coverage on Innodata in a report on Thursday, December 19th. They set an “outperform” rating and a $48.00 price target for the company. BWS Financial boosted their price objective on Innodata from $30.00 to $45.00 and gave the company 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 note on Saturday, November 16th. Chardan Capital reiterated a “buy” rating and issued a $45.00 price target on shares of Innodata in a research report on Friday, December 13th. Finally, Craig Hallum assumed coverage on shares of Innodata in a research note on Tuesday, September 17th. They issued a “buy” rating and a $23.00 price objective for the company. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $38.20.

Innodata Stock Performance

The firm has a market capitalization of $1.07 billion, a PE ratio of 62.31 and a beta of 2.59. 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 business’s fifty day simple moving average is $39.02 and its 200-day simple moving average is $24.63.

Insider Activity at Innodata

In other news, CEO Jack Abuhoff sold 225,000 shares of the firm’s 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 $55,116,044.04. This trade represents a 15.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Marissa B. Espineli sold 38,333 shares of Innodata stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $47.17, for a total transaction of $1,808,167.61. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,035,083 shares of company stock valued at $46,889,370. Corporate insiders own 15.23% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Silverleafe Capital Partners LLC bought a new stake in shares of Innodata during the 4th quarter worth approximately $913,000. JPMorgan Chase & Co. increased its stake in Innodata by 17.1% in the third quarter. JPMorgan Chase & Co. now owns 14,408 shares of the technology company’s stock worth $242,000 after purchasing an additional 2,099 shares during the period. Principal Financial Group Inc. purchased a new stake in shares of Innodata during the third quarter valued at $311,000. Barclays PLC boosted its stake in shares of Innodata by 324.3% during the third quarter. Barclays PLC now owns 38,557 shares of the technology company’s stock valued at $647,000 after purchasing an additional 29,470 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Innodata by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 613,748 shares of the technology company’s stock valued at $10,294,000 after buying an additional 13,609 shares in the last quarter. Hedge funds and other institutional investors own 30.75% of the company’s stock.

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.