Innodata Inc. (NASDAQ:INOD) Short Interest Update

Innodata Inc. (NASDAQ:INOD) was the recipient of a significant decline in short interest in the month of February. As of February 28th, there was short interest totalling 3,870,000 shares, a decline of 14.6% from the February 13th total of 4,530,000 shares. Currently, 15.7% of the company’s shares are sold short. Based on an average daily volume of 2,090,000 shares, the days-to-cover ratio is currently 1.9 days.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on INOD. Maxim Group upped their price objective on shares of Innodata from $54.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Chardan Capital reaffirmed a “buy” rating and issued a $45.00 price objective on shares of Innodata in a research note on Friday, December 13th. BWS Financial upped their price objective on shares of Innodata from $45.00 to $74.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Finally, Wedbush began coverage on shares of Innodata in a research note on Thursday, December 19th. They issued an “outperform” rating and a $48.00 price objective for the company. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Innodata has an average rating of “Moderate Buy” and an average price target of $53.00.

Innodata Stock Performance

Shares of Innodata stock opened at $42.99 on Friday. The company has a market capitalization of $1.35 billion, a PE ratio of 50.58 and a beta of 2.59. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.84 and a current ratio of 1.84. The company has a 50-day simple moving average of $44.73 and a two-hundred day simple moving average of $34.27. Innodata has a one year low of $5.46 and a one year high of $71.00.

Innodata (NASDAQ:INOD) last announced its earnings results on Thursday, February 20th. The technology company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.20. The business had revenue of $59.18 million during the quarter, compared to the consensus estimate of $53.01 million. Innodata had a net margin of 16.81% and a return on equity of 66.36%. Research analysts expect that Innodata will post 0.81 EPS for the current fiscal year.

Insider Activity

In other news, Director Nauman Sabeeh Toor sold 196,777 shares of the business’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $64.40, for a total transaction of $12,672,438.80. Following the completion of the sale, the director now directly owns 12,417 shares of the company’s stock, valued at approximately $799,654.80. The trade was a 94.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Marissa B. Espineli sold 30,000 shares of the business’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $65.09, for a total transaction of $1,952,700.00. Following the sale, the chief financial officer now directly owns 18,000 shares of the company’s stock, valued at $1,171,620. This represents a 62.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 275,427 shares of company stock valued at $17,790,794. 15.23% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Innodata

Several hedge funds have recently modified their holdings of INOD. D. E. Shaw & Co. Inc. increased its holdings in shares of Innodata by 1,718.4% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 944,611 shares of the technology company’s stock valued at $37,331,000 after acquiring an additional 892,663 shares in the last quarter. Driehaus Capital Management LLC acquired a new position in shares of Innodata during the fourth quarter valued at about $16,713,000. JPMorgan Chase & Co. increased its holdings in shares of Innodata by 2,038.4% during the fourth quarter. JPMorgan Chase & Co. now owns 308,095 shares of the technology company’s stock valued at $12,176,000 after acquiring an additional 293,687 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of Innodata during the fourth quarter valued at about $11,283,000. Finally, Ameriprise Financial Inc. increased its holdings in shares of Innodata by 322.9% during the fourth quarter. Ameriprise Financial Inc. now owns 318,096 shares of the technology company’s stock valued at $13,649,000 after acquiring an additional 242,871 shares in 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.