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

Shares of Innodata Inc. (NASDAQ:INOD) gapped down before the market opened on Monday . The stock had previously closed at $47.25, but opened at $44.44. Innodata shares last traded at $42.62, with a volume of 326,262 shares.

Analysts Set New Price Targets

A number of research firms have commented on INOD. Wedbush assumed coverage on Innodata in a research report on Thursday, December 19th. They set an “outperform” rating and a $48.00 target price on the stock. BWS Financial boosted their price objective on shares of Innodata from $45.00 to $74.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. StockNews.com upgraded shares of Innodata from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Chardan Capital restated a “buy” rating and set a $45.00 target price on shares of Innodata in a research report on Friday, December 13th. Finally, Maxim Group increased their price target on shares of Innodata from $54.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, February 21st. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Innodata Trading Up 1.9 %

The business has a 50-day moving average of $44.08 and a 200 day moving average of $33.19. The stock has a market cap of $1.31 billion, a PE ratio of 49.27 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.

Innodata (NASDAQ:INOD) last issued its quarterly 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%. Equities research analysts predict that Innodata Inc. will post 0.81 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Nauman Sabeeh Toor sold 110,207 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $44.00, for a total transaction of $4,849,108.00. Following the transaction, the director now directly owns 209,194 shares in the company, valued at $9,204,536. This represents a 34.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Marissa B. Espineli sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $65.09, for a total transaction of $1,952,700.00. Following the completion of the sale, the chief financial officer now directly owns 18,000 shares in the company, 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. In the last three months, insiders sold 385,634 shares of company stock valued at $22,639,902. Company insiders own 15.23% of the company’s stock.

Hedge Funds Weigh In On Innodata

Several institutional investors and hedge funds have recently bought and sold shares of INOD. Invesco Ltd. grew its stake in shares of Innodata by 2.0% during the 4th quarter. Invesco Ltd. now owns 11,781 shares of the technology company’s stock valued at $466,000 after buying an additional 232 shares during the period. NewEdge Advisors LLC boosted its holdings in Innodata by 2.7% in the fourth quarter. NewEdge Advisors LLC now owns 11,300 shares of the technology company’s stock valued at $447,000 after acquiring an additional 300 shares during the last quarter. AlphaQuest LLC grew its position in Innodata by 79.4% during the fourth 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 period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Innodata by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,374 shares of the technology company’s stock worth $608,000 after acquiring an additional 533 shares during the last quarter. Finally, Allworth Financial LP purchased a new position in shares of Innodata in the 4th quarter worth about $29,000. 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.