Innodata (NASDAQ:INOD) Trading Up 6.2% – Should You Buy?

Innodata Inc. (NASDAQ:INOD) shares shot up 6.2% during mid-day trading on Friday . The company traded as high as $42.00 and last traded at $41.94. 108,069 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 459,753 shares. The stock had previously closed at $39.50.

Analysts Set New Price Targets

INOD has been the subject of several recent research reports. Wedbush assumed coverage on Innodata in a research report on Thursday, December 19th. They set an “outperform” rating and a $48.00 price objective for the company. Chardan Capital reissued a “buy” rating and issued a $45.00 target price on shares of Innodata in a report on Friday, December 13th. 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 research note on Friday, November 8th. Craig Hallum began coverage on shares of Innodata in a research note on Tuesday, September 17th. They issued a “buy” rating and a $23.00 price target for the company. Finally, StockNews.com raised shares of Innodata from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Innodata has an average rating of “Moderate Buy” and an average target price of $38.20.

Innodata Price Performance

The firm has a 50-day moving average of $37.41 and a 200-day moving average of $23.81. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.84 and a quick ratio of 1.84. The stock has a market cap of $1.22 billion, a PE ratio of 71.34 and a beta of 2.56.

Insider Activity at Innodata

In other news, CFO Marissa B. Espineli sold 38,333 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $47.17, for a total transaction of $1,808,167.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Stewart R. Massey sold 50,000 shares of the company’s 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 in the company, valued at $1,024,374.10. The trade was a 66.43 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,035,083 shares of company stock valued at $46,889,370. Insiders own 15.23% of the company’s stock.

Hedge Funds Weigh In On Innodata

Several institutional investors and hedge funds have recently modified their holdings of the business. nVerses Capital LLC purchased a new stake in shares of Innodata in the second quarter valued at approximately $27,000. Point72 Asset Management L.P. acquired a new stake in shares of Innodata in the third quarter valued at about $206,000. BNP Paribas Financial Markets increased its stake in shares of Innodata by 38.5% during the third 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 in the last quarter. JPMorgan Chase & Co. raised its position in shares of Innodata by 17.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 14,408 shares of the technology company’s stock worth $242,000 after purchasing an additional 2,099 shares during the last quarter. Finally, Private Advisor Group LLC lifted its stake in Innodata by 17.4% in the 3rd quarter. Private Advisor Group LLC now owns 14,907 shares of the technology company’s stock valued at $250,000 after buying an additional 2,207 shares in the last quarter. Hedge funds and other institutional investors own 30.75% of the company’s stock.

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.