Innodata Inc. (NASDAQ:INOD) Sees Significant Growth in Short Interest

Innodata Inc. (NASDAQ:INOD) was the target of a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 3,850,000 shares, a growth of 14.2% from the December 15th total of 3,370,000 shares. Based on an average daily trading volume, of 1,590,000 shares, the short-interest ratio is presently 2.4 days.

Innodata Stock Performance

Innodata stock traded down $0.31 during midday trading on Friday, hitting $36.78. The company’s stock had a trading volume of 794,625 shares, compared to its average volume of 1,429,272. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.84 and a quick ratio of 1.84. Innodata has a 1-year low of $5.46 and a 1-year high of $55.17. The company has a 50-day moving average price of $40.53 and a two-hundred day moving average price of $25.68. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 62.34 and a beta of 2.59.

Wall Street Analysts Forecast Growth

INOD has been the subject of several analyst reports. Chardan Capital reissued a “buy” rating and set a $45.00 price target on shares of Innodata in a report on Friday, December 13th. StockNews.com upgraded Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Wedbush initiated coverage on Innodata in a research note on Thursday, December 19th. They issued an “outperform” rating and a $48.00 price target on the stock. Finally, BWS Financial lifted their price objective on shares of Innodata from $30.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Innodata presently has an average rating of “Moderate Buy” and a consensus price target of $38.20.

Insider Activity at Innodata

In related news, CEO Jack Abuhoff sold 225,000 shares of Innodata stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $46.38, for a total transaction of $10,435,500.00. Following the sale, the chief executive officer now directly owns 1,188,358 shares in the company, valued at $55,116,044.04. The trade was a 15.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Ashok Mishra sold 92,726 shares of the company’s stock in a transaction dated 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. Over the last 90 days, insiders have sold 1,035,083 shares of company stock valued at $46,889,370. Company insiders own 15.23% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. USA Financial Formulas acquired a new stake in Innodata in the fourth quarter valued at approximately $36,000. Harbour Capital Advisors LLC acquired a new position in Innodata in the fourth quarter valued at $292,000. Hennion & Walsh Asset Management Inc. bought a new stake in shares of Innodata during the 4th quarter valued at about $371,000. Point72 Asset Management L.P. acquired a new stake in Innodata in the third quarter worth $206,000. Finally, BNP Paribas Financial Markets increased its position in Innodata by 38.5% in the 3rd 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 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.