Innodata (NASDAQ:INOD) Stock Price Down 8.5% – Here’s Why

Innodata Inc. (NASDAQ:INOD) shares were down 8.5% during mid-day trading on Wednesday . The stock traded as low as $35.59 and last traded at $35.79. Approximately 540,900 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 1,366,769 shares. The stock had previously closed at $39.10.

Analysts Set New Price Targets

INOD has been the subject of several research reports. BWS Financial increased their price target on Innodata from $30.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Chardan Capital reiterated a “buy” rating and set a $45.00 target price on shares of Innodata in a research report on Friday, December 13th. Craig Hallum started coverage on shares of Innodata in a research report on Tuesday, September 17th. They issued a “buy” rating and a $23.00 price target on the stock. Wedbush initiated coverage on shares of Innodata in a research note on Thursday, December 19th. They set an “outperform” rating and a $48.00 price target on the stock. Finally, StockNews.com upgraded shares of Innodata from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. 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, Innodata presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.20.

Innodata Stock Performance

The business’s fifty day moving average price is $38.71 and its 200-day moving average price is $24.55. 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 capitalization of $1.09 billion, a PE ratio of 63.81 and a beta of 2.59.

Insiders Place Their Bets

In other Innodata news, Director Nauman Sabeeh Toor sold 110,207 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $44.00, for a total value of $4,849,108.00. Following the transaction, the director now directly owns 209,194 shares in the company, valued at $9,204,536. This represents a 34.50 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stewart R. Massey sold 50,000 shares of the firm’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 directly owns 25,262 shares in the company, valued at approximately $1,024,374.10. The trade was a 66.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,035,083 shares of company stock worth $46,889,370 in the last three months. 15.23% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Innodata

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. bought a new stake in shares of Innodata during the 3rd quarter worth $311,000. Los Angeles Capital Management LLC bought a new stake in Innodata during the third quarter worth about $330,000. Geode Capital Management LLC lifted its stake in Innodata by 2.3% during the third quarter. Geode Capital Management LLC now owns 613,748 shares of the technology company’s stock worth $10,294,000 after purchasing an additional 13,609 shares during the last quarter. Barclays PLC boosted its holdings in shares of Innodata by 324.3% in the 3rd quarter. Barclays PLC now owns 38,557 shares of the technology company’s stock worth $647,000 after purchasing an additional 29,470 shares in the last quarter. Finally, Silverleafe Capital Partners LLC bought a new position in shares of Innodata during the 4th quarter valued at about $913,000. Hedge funds and other 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.