Innodata (NASDAQ:INOD) Shares Gap Up – Here’s Why

Shares of Innodata Inc. (NASDAQ:INOD) gapped up prior to trading on Tuesday . The stock had previously closed at $53.84, but opened at $58.03. Innodata shares last traded at $58.20, with a volume of 1,349,060 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on INOD shares. Chardan Capital restated a “buy” rating and set a $45.00 price target on shares of Innodata in a research report on Friday, December 13th. Wedbush started coverage on shares of Innodata in a research report on Thursday, December 19th. They issued an “outperform” rating and a $48.00 target price for the company. BWS Financial lifted their price target on Innodata from $30.00 to $45.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, StockNews.com upgraded Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. One equities 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 an average target price of $38.20.

Innodata Stock Performance

The company’s 50 day simple moving average is $39.83 and its 200 day simple moving average is $29.14. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of 98.46 and a beta of 2.57. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.84 and a current ratio of 1.84.

Insider Buying and Selling

In other news, Director Nauman Sabeeh Toor sold 110,207 shares of the company’s stock in a transaction 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 completion of the sale, the director now owns 209,194 shares in the company, valued at $9,204,536. This represents a 34.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Ashok Mishra sold 69,218 shares of Innodata stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $47.13, for a total value of $3,262,244.34. The disclosure for this sale can be found here. Insiders have sold a total of 892,357 shares of company stock valued at $40,859,816 over the last quarter. Corporate insiders own 15.23% of the company’s stock.

Institutional Investors Weigh In On Innodata

A number of institutional investors and hedge funds have recently bought and sold shares of INOD. Allworth Financial LP bought a new stake in shares of Innodata in the 4th quarter worth approximately $29,000. USA Financial Formulas acquired a new position in Innodata in the fourth quarter worth approximately $36,000. Meeder Asset Management Inc. bought a new position in shares of Innodata in the fourth quarter valued at $36,000. AlphaQuest LLC lifted its position in shares of Innodata by 79.4% during the 4th quarter. AlphaQuest LLC now owns 1,030 shares of the technology company’s stock valued at $41,000 after acquiring an additional 456 shares during the last quarter. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Innodata during the 4th quarter worth $150,000. 30.75% of the stock is owned by institutional investors and hedge funds.

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.