Innodata (NASDAQ:INOD) Sees Strong Trading Volume – Still a Buy?

Innodata Inc. (NASDAQ:INOD) saw unusually-high trading volume on Thursday . Approximately 632,224 shares were traded during trading, a decline of 23% from the previous session’s volume of 823,164 shares.The stock last traded at $40.88 and had previously closed at $34.19.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on INOD. 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 report on Friday, November 8th. Wedbush initiated coverage on shares of Innodata in a report on Thursday. They issued an “outperform” rating and a $48.00 price target on the stock. Craig Hallum began coverage on Innodata in a report on Tuesday, September 17th. They set a “buy” rating and a $23.00 price objective for the company. StockNews.com raised Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $45.00 target price on shares of Innodata in a research report on Friday, December 13th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $38.20.

Innodata Stock Up 8.2 %

The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of 72.90 and a beta of 2.56. 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 company’s 50 day moving average price is $33.10 and its 200 day moving average price is $22.11.

Insiders Place Their Bets

In other Innodata news, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Marissa B. Espineli sold 38,333 shares of Innodata stock in a transaction that occurred on Thursday, November 21st. The shares were 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. In the last 90 days, insiders sold 924,876 shares of company stock valued at $42,040,262. 15.23% of the stock is owned by company insiders.

Institutional Investors Weigh In On Innodata

Several hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its holdings in shares of Innodata by 19.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 78,057 shares of the technology company’s stock valued at $1,158,000 after buying an additional 12,515 shares during the period. nVerses Capital LLC acquired a new position in Innodata in the second quarter valued at approximately $27,000. Rhumbline Advisers boosted its position in Innodata by 19.2% in the 2nd quarter. Rhumbline Advisers now owns 37,725 shares of the technology company’s stock worth $559,000 after purchasing an additional 6,066 shares in the last quarter. Rathbones Group PLC acquired a new stake in shares of Innodata during the 2nd quarter worth approximately $916,000. Finally, XTX Topco Ltd purchased a new position in shares of Innodata during the 2nd quarter valued at approximately $285,000. 30.75% of the stock is owned by hedge funds and other 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.