Innodata (NASDAQ:INOD) Sees Strong Trading Volume – Time to Buy?

Innodata Inc. (NASDAQ:INOD) saw strong trading volume on Tuesday . 508,362 shares were traded during mid-day trading, a decline of 54% from the previous session’s volume of 1,100,448 shares.The stock last traded at $39.99 and had previously closed at $43.76.

Analyst Upgrades and Downgrades

INOD has been the subject of a number of recent research reports. StockNews.com upgraded Innodata from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. BWS Financial upped their price target on shares of Innodata from $30.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Craig Hallum initiated coverage on shares of Innodata in a research report on Tuesday, September 17th. They set a “buy” rating and a $23.00 price objective on the stock. Chardan Capital reaffirmed a “buy” rating and issued a $45.00 target price on shares of Innodata in a report on Friday, December 13th. Finally, Wedbush assumed coverage on shares of Innodata in a report on Thursday, December 19th. They set an “outperform” rating and a $48.00 price target on the stock. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $38.20.

Innodata Stock Down 12.0 %

The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.15. The company has a market cap of $1.12 billion, a PE ratio of 65.24 and a beta of 2.59. The company’s fifty day moving average is $38.36 and its 200-day moving average is $24.37.

Insider Activity at Innodata

In other news, CFO Marissa B. Espineli sold 38,333 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $47.17, for a total value of $1,808,167.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jack Abuhoff sold 225,000 shares of Innodata stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $46.38, for a total value of $10,435,500.00. Following the transaction, the chief executive officer now owns 1,188,358 shares in the company, valued at $55,116,044.04. This trade represents a 15.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,035,083 shares of company stock worth $46,889,370. 15.23% of the stock is owned by insiders.

Hedge Funds Weigh In On Innodata

Hedge funds have recently modified their holdings of the company. Point72 Asset Management L.P. bought a new position in shares of Innodata in the third quarter worth about $206,000. BNP Paribas Financial Markets lifted its holdings in shares of Innodata by 38.5% in the third quarter. BNP Paribas Financial Markets now owns 13,443 shares of the technology company’s stock worth $225,000 after buying an additional 3,739 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of 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 acquiring an additional 2,099 shares during the last quarter. Private Advisor Group LLC grew its stake in Innodata by 17.4% during the third quarter. Private Advisor Group LLC now owns 14,907 shares of the technology company’s stock valued at $250,000 after acquiring an additional 2,207 shares in the last quarter. Finally, Principal Financial Group Inc. bought a new stake in Innodata in the 3rd quarter valued at $311,000. 30.75% of the stock is currently owned by institutional investors.

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.