Innodata (NASDAQ:INOD) Shares Gap Up – Time to Buy?

Innodata Inc. (NASDAQ:INOD)’s share price gapped up before the market opened on Monday . The stock had previously closed at $36.75, but opened at $40.64. Innodata shares last traded at $42.61, with a volume of 974,637 shares.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. BWS Financial raised their target price on shares of Innodata from $30.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Craig Hallum started coverage on Innodata in a research note on Tuesday, September 17th. They set a “buy” rating and a $23.00 target price for the company. Finally, StockNews.com upgraded Innodata from a “sell” rating to a “hold” rating in a research note on Saturday. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Innodata currently has a consensus rating of “Moderate Buy” and an average target price of $32.67.

Innodata Stock Up 16.1 %

The company has a market cap of $1.24 billion, a price-to-earnings ratio of 70.65 and a beta of 2.30. The firm has a 50-day moving average price of $20.30 and a 200 day moving average price of $17.05. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.84 and a quick ratio of 1.84.

Insiders Place Their Bets

In other Innodata news, Director Stewart R. Massey sold 50,000 shares of the business’s 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 sale, the director now owns 25,262 shares of the company’s stock, valued at $1,024,374.10. The trade was a 66.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 15.23% of the company’s stock.

Institutional Investors Weigh In On Innodata

Hedge funds and other institutional investors have recently made changes to their positions in the business. nVerses Capital LLC bought a new stake in shares of Innodata during the 2nd quarter valued at $27,000. Point72 Asset Management L.P. acquired a new position in Innodata during the third quarter valued at approximately $206,000. BNP Paribas Financial Markets boosted its holdings in shares of 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 purchasing an additional 3,739 shares in the last quarter. Elkhorn Partners Limited Partnership bought a new position in shares of Innodata in the 1st quarter valued at $94,000. Finally, Private Advisor Group LLC grew its position in Innodata by 17.4% in the third quarter. Private Advisor Group LLC now owns 14,907 shares of the technology company’s stock valued at $250,000 after acquiring 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.