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

Shares of Innodata Inc. (NASDAQ:INOD) gapped up before the market opened on Monday . The stock had previously closed at $36.75, but opened at $40.64. Innodata shares last traded at $42.61, with a volume of 974,637 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. StockNews.com upgraded shares of Innodata from a “sell” rating to a “hold” rating in a research report on Saturday. Craig Hallum began coverage on Innodata in a report on Tuesday, September 17th. They set a “buy” rating and a $23.00 price objective on the stock. Finally, BWS Financial boosted their price objective on Innodata from $30.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the company. According to 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 market cap of $1.24 billion, a P/E ratio of 70.65 and a beta of 2.30. The company’s 50 day moving average price is $20.30 and its 200-day moving average price is $17.05. 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, Director Stewart R. Massey sold 50,000 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $40.55, for a total transaction of $2,027,500.00. Following the completion of the sale, the director now directly owns 25,262 shares in the company, valued at $1,024,374.10. This represents a 66.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 15.23% of the stock is owned by corporate insiders.

Institutional Trading of Innodata

A number of institutional investors have recently bought and sold shares of INOD. Janus Henderson Group PLC acquired a new position in shares of Innodata in the 1st quarter valued at about $8,142,000. Deerfield Management Company L.P. Series C boosted its holdings in shares of Innodata by 309.5% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 111,814 shares of the technology company’s stock worth $1,658,000 after buying an additional 84,509 shares in the last quarter. Rathbones Group PLC acquired a new stake in shares of Innodata during the 2nd quarter worth approximately $916,000. Marshall Wace LLP increased its stake in shares of Innodata by 83.9% in the 2nd quarter. Marshall Wace LLP now owns 85,395 shares of the technology company’s stock valued at $1,266,000 after acquiring an additional 38,954 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Innodata by 324.3% during the 3rd quarter. Barclays PLC now owns 38,557 shares of the technology company’s stock valued at $647,000 after acquiring an additional 29,470 shares during the period. Institutional investors own 30.75% of the company’s stock.

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.