Innodata (NASDAQ:INOD) Earns Outperform Rating from Analysts at Wedbush

Equities researchers at Wedbush began coverage on shares of Innodata (NASDAQ:INOD) in a research note issued to investors on Thursday, Marketbeat reports. The brokerage set an “outperform” rating and a $48.00 price target on the technology company’s stock. Wedbush’s target price points to a potential upside of 11.60% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. BWS Financial upped their target price on shares of Innodata from $30.00 to $45.00 and gave the company a “buy” rating in a report on Friday, November 8th. Craig Hallum began coverage on Innodata in a research note on Tuesday, September 17th. They issued a “buy” rating and a $23.00 price objective on the stock. StockNews.com upgraded Innodata from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Finally, Chardan Capital reissued a “buy” rating and set a $45.00 target price on shares of Innodata in a report on Friday, December 13th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $38.20.

Innodata Stock Performance

NASDAQ INOD opened at $43.01 on Thursday. The firm has a market capitalization of $1.25 billion, a P/E ratio of 72.90 and a beta of 2.56. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.15. The firm’s fifty day moving average price is $33.10 and its two-hundred day moving average price is $22.11. Innodata has a 1 year low of $5.46 and a 1 year high of $55.17.

Insider Transactions at Innodata

In related news, Director Stewart R. Massey sold 50,000 shares of the company’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 transaction, the director now directly owns 25,262 shares in the company, 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 SEC, which is accessible through this link. Also, CEO Jack Abuhoff sold 225,000 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $46.38, for a total transaction of $10,435,500.00. Following the transaction, the chief executive officer now directly owns 1,188,358 shares in the company, valued at approximately $55,116,044.04. This represents a 15.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 924,876 shares of company stock worth $42,040,262. Company insiders own 15.23% of the company’s stock.

Institutional Investors Weigh In On Innodata

Several institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its stake in Innodata by 19.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 78,057 shares of the technology company’s stock worth $1,158,000 after acquiring an additional 12,515 shares during the period. nVerses Capital LLC acquired a new stake in shares of Innodata during the 2nd quarter worth $27,000. Rhumbline Advisers increased its position in shares of Innodata by 19.2% in the second quarter. Rhumbline Advisers now owns 37,725 shares of the technology company’s stock worth $559,000 after purchasing an additional 6,066 shares during the period. Rathbones Group PLC acquired a new position in Innodata in the second quarter valued at about $916,000. Finally, XTX Topco Ltd bought a new stake in Innodata during the second quarter worth about $285,000. 30.75% of the stock is currently owned by institutional investors.

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.