Innodata (NASDAQ:INOD) Trading 7.9% Higher – Should You Buy?

Innodata Inc. (NASDAQ:INOD) shot up 7.9% during mid-day trading on Thursday . The company traded as high as $46.54 and last traded at $46.51. 1,264,438 shares traded hands during trading, an increase of 49% from the average session volume of 847,671 shares. The stock had previously closed at $43.09.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Chardan Capital reaffirmed a “buy” rating and set a $45.00 target price on shares of Innodata in a report on Friday, December 13th. 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 upped their price objective on Innodata from $30.00 to $45.00 and gave the company a “buy” rating in a report on Friday, November 8th. StockNews.com raised Innodata from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Finally, Craig Hallum started coverage on shares of Innodata in a research note on Tuesday, September 17th. They issued a “buy” rating and a $23.00 price target on the stock. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.20.

Innodata Stock Performance

The stock has a 50 day moving average of $35.75 and a 200 day moving average of $23.13. 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 has a market cap of $1.32 billion, a price-to-earnings ratio of 76.88 and a beta of 2.56.

Insider Activity

In other news, Director Stewart R. Massey sold 50,000 shares of the stock in a transaction dated 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 completion of the transaction, the director now owns 25,262 shares of the company’s stock, valued at approximately $1,024,374.10. This represents a 66.43 % 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 the SEC website. Also, COO Ashok Mishra sold 92,726 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $43.16, for a total transaction of $4,002,054.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,035,083 shares of company stock worth $46,889,370. 15.23% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Innodata

Hedge funds have recently added to or reduced their stakes in the business. nVerses Capital LLC bought a new position in shares of Innodata during the second quarter valued at $27,000. Point72 Asset Management L.P. bought a new position in Innodata during the 3rd quarter worth $206,000. BNP Paribas Financial Markets lifted its holdings in Innodata by 38.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 13,443 shares of the technology company’s stock worth $225,000 after buying an additional 3,739 shares during the period. JPMorgan Chase & Co. grew its position in shares of Innodata by 17.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 14,408 shares of the technology company’s stock valued at $242,000 after buying an additional 2,099 shares during the last quarter. Finally, Private Advisor Group LLC grew its position in shares of Innodata by 17.4% in the 3rd quarter. Private Advisor Group LLC now owns 14,907 shares of the technology company’s stock valued at $250,000 after buying an additional 2,207 shares during the last quarter. 30.75% of the stock is currently owned by institutional investors and hedge funds.

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.