Innodata (NASDAQ:INOD) Stock Price Down 6.7% – What’s Next?

Innodata Inc. (NASDAQ:INOD) shares were down 6.7% during trading on Wednesday . The stock traded as low as $41.48 and last traded at $42.90. Approximately 467,115 shares changed hands during mid-day trading, a decline of 32% from the average daily volume of 683,676 shares. The stock had previously closed at $45.99.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on INOD shares. StockNews.com upgraded Innodata to a “sell” 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 price target for the company. Finally, BWS Financial lifted their price target on Innodata from $30.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $32.67.

Innodata Stock Performance

The company’s 50-day simple moving average is $19.36 and its 200 day simple moving average is $16.52. 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 stock has a market cap of $1.14 billion, a P/E ratio of 66.37 and a beta of 2.30.

Insiders Place Their Bets

In other Innodata news, Director Stewart R. Massey sold 50,000 shares of Innodata stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $40.55, for a total transaction of $2,027,500.00. Following the transaction, the director now owns 25,262 shares of the company’s stock, valued at $1,024,374.10. This trade represents a 66.43 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 15.23% of the company’s stock.

Hedge Funds Weigh In On Innodata

Several hedge funds have recently modified their holdings of the company. nVerses Capital LLC bought a new stake in shares of Innodata in the 2nd quarter worth approximately $27,000. BNP Paribas Financial Markets raised 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 worth $225,000 after purchasing an additional 3,739 shares during the period. Elkhorn Partners Limited Partnership bought a new stake in shares of Innodata in the 1st quarter worth approximately $94,000. Private Advisor Group LLC raised its holdings 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 worth $250,000 after purchasing an additional 2,207 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Innodata by 6.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,348 shares of the technology company’s stock worth $102,000 after purchasing an additional 982 shares during the period. Institutional investors own 30.75% of the company’s stock.

Innodata Company Profile

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.