Innodata (NASDAQ:INOD) Shares Down 8.5% – What’s Next?

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

Wall Street Analysts Forecast Growth

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

Innodata Price Performance

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 firm has a market cap of $1.04 billion, a P/E ratio of 60.95 and a beta of 2.59. The company has a fifty day moving average price of $39.35 and a two-hundred day moving average price of $24.72.

Insider Activity at Innodata

In related news, Director Nauman Sabeeh Toor sold 110,207 shares of Innodata stock in a transaction that occurred on 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 sale, the director now owns 209,194 shares of the company’s stock, valued at approximately $9,204,536. This trade represents a 34.50 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 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. This represents a 66.43 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,035,083 shares of company stock valued at $46,889,370. 15.23% of the stock is owned by insiders.

Institutional Investors Weigh In On Innodata

Hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its position in shares of Innodata by 2.3% during the 3rd 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. State Street Corp increased its position in shares of Innodata by 1.8% during the 3rd quarter. State Street Corp now owns 537,301 shares of the technology company’s stock worth $9,011,000 after purchasing an additional 9,408 shares during the last quarter. Deerfield Management Company L.P. Series C increased its position in shares of Innodata by 309.5% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 111,814 shares of the technology company’s stock worth $1,658,000 after purchasing an additional 84,509 shares during the last quarter. Marshall Wace LLP increased its position in shares of Innodata by 83.9% during the 2nd quarter. Marshall Wace LLP now owns 85,395 shares of the technology company’s stock worth $1,266,000 after purchasing an additional 38,954 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Innodata by 19.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 78,057 shares of the technology company’s stock worth $1,158,000 after purchasing an additional 12,515 shares during the last quarter. Institutional investors and hedge funds 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.