Innodata Inc. (NASDAQ:INOD) Sees Significant Drop in Short Interest

Innodata Inc. (NASDAQ:INOD) saw a large drop in short interest in November. As of November 15th, there was short interest totalling 2,470,000 shares, a drop of 35.2% from the October 31st total of 3,810,000 shares. Based on an average trading volume of 992,800 shares, the short-interest ratio is presently 2.5 days.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. BWS Financial boosted their target price on shares of Innodata from $30.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Craig Hallum assumed coverage on shares of Innodata in a report on Tuesday, September 17th. They issued a “buy” rating and a $23.00 target price on the stock. Finally, StockNews.com raised shares of Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $32.67.

Innodata Trading Up 7.2 %

Innodata stock traded up $2.75 during midday trading on Friday, hitting $41.08. 1,387,485 shares of the stock were exchanged, compared to its average volume of 2,159,655. The company has a fifty day simple moving average of $25.86 and a two-hundred day simple moving average of $19.33. Innodata has a 52 week low of $5.46 and a 52 week high of $49.72. The stock has a market capitalization of $1.19 billion, a PE ratio of 69.63 and a beta of 2.30. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.15.

Insiders Place Their Bets

In related news, CFO Marissa B. Espineli sold 38,333 shares of Innodata stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $47.17, for a total value of $1,808,167.61. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jack Abuhoff sold 225,000 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $46.38, for a total transaction of $10,435,500.00. Following the sale, 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. Insiders sold a total of 666,376 shares of company stock valued at $30,335,517 in the last ninety days. Corporate insiders own 15.23% of the company’s stock.

Hedge Funds Weigh In On Innodata

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Innodata by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 1,460,430 shares of the technology company’s stock valued at $9,639,000 after purchasing an additional 28,173 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings 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 buying an additional 982 shares in the last quarter. Janus Henderson Group PLC bought a new position in shares of Innodata during the 1st quarter worth approximately $8,142,000. Bank of New York Mellon Corp boosted its holdings in shares of Innodata by 19.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 78,057 shares of the technology company’s stock worth $1,158,000 after buying an additional 12,515 shares in the last quarter. Finally, nVerses Capital LLC bought a new position in shares of Innodata in the 2nd quarter worth $27,000. 30.75% of the stock is currently owned by institutional investors and hedge funds.

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.