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

Innodata Inc. (NASDAQ:INOD)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $38.28, but opened at $39.91. Innodata shares last traded at $39.08, with a volume of 265,025 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on INOD shares. Craig Hallum assumed 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. StockNews.com raised Innodata from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Finally, BWS Financial boosted their target price on Innodata from $30.00 to $45.00 and gave the company a “buy” rating in a report on Friday, November 8th. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $32.67.

Innodata Price Performance

The stock has a fifty day moving average of $29.61 and a two-hundred day moving average of $20.87. The stock has a market cap of $1.13 billion, a price-to-earnings ratio of 64.88 and a beta of 2.55. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.15.

Insider Buying and Selling

In other news, CFO Marissa B. Espineli sold 38,333 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $47.17, for a total transaction of $1,808,167.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jack Abuhoff sold 225,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 1,188,358 shares in the company, valued at approximately $55,116,044.04. The trade was a 15.92 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 924,876 shares of company stock valued at $42,040,262. Corporate insiders own 15.23% of the company’s stock.

Institutional Trading of Innodata

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INOD. Vanguard Group Inc. grew its holdings in shares of Innodata by 2.0% during the first quarter. Vanguard Group Inc. now owns 1,460,430 shares of the technology company’s stock worth $9,639,000 after buying an additional 28,173 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Innodata by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,348 shares of the technology company’s stock worth $102,000 after purchasing an additional 982 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Innodata by 19.1% during the second 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. nVerses Capital LLC purchased a new stake in shares of Innodata in the second quarter valued at $27,000. Finally, Rhumbline Advisers lifted its position in Innodata by 19.2% during the second quarter. Rhumbline Advisers now owns 37,725 shares of the technology company’s stock worth $559,000 after buying an additional 6,066 shares during the period. Hedge funds and other 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.