Innodata Inc. (NASDAQ:INOD) Sees Significant Increase in Short Interest

Innodata Inc. (NASDAQ:INOD) saw a large increase in short interest during the month of December. As of December 15th, there was short interest totalling 3,370,000 shares, an increase of 21.7% from the November 30th total of 2,770,000 shares. Based on an average daily volume of 1,440,000 shares, the short-interest ratio is presently 2.3 days.

Analyst Ratings Changes

A number of brokerages have issued reports on INOD. Chardan Capital reaffirmed a “buy” rating and issued a $45.00 target price on shares of Innodata in a report on Friday, December 13th. StockNews.com upgraded shares of Innodata from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. BWS Financial boosted their target price on shares of Innodata from $30.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Wedbush started coverage on shares of Innodata in a research note on Thursday, December 19th. They set an “outperform” rating and a $48.00 price target for the company. Finally, Craig Hallum began coverage on shares of Innodata in a report on Tuesday, September 17th. They set a “buy” rating and a $23.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $38.20.

Innodata Trading Down 6.1 %

Shares of NASDAQ INOD traded down $2.57 during midday trading on Tuesday, reaching $39.52. The stock had a trading volume of 992,748 shares, compared to its average volume of 851,681. The company’s 50 day moving average price is $36.19 and its 200 day moving average price is $23.42. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.84 and a current ratio of 1.84. Innodata has a twelve month low of $5.46 and a twelve month high of $55.17. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of 66.98 and a beta of 2.56.

Insider Activity

In other Innodata news, COO Ashok Mishra sold 69,218 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $47.13, for a total value of $3,262,244.34. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Stewart R. Massey sold 50,000 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,035,083 shares of company stock worth $46,889,370. Insiders own 15.23% of the company’s stock.

Hedge Funds Weigh In On Innodata

Hedge funds have recently bought and sold shares of the company. nVerses Capital LLC bought a new stake in Innodata during the second quarter valued at $27,000. Point72 Asset Management L.P. acquired a new position in shares of Innodata in the 3rd quarter valued at about $206,000. BNP Paribas Financial Markets boosted its position in shares of Innodata by 38.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 13,443 shares of the technology company’s stock valued at $225,000 after purchasing an additional 3,739 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Innodata by 17.1% during the third 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 period. Finally, Private Advisor Group LLC increased its holdings in Innodata by 17.4% in the third 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 in the last quarter. 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.