Innodata (NASDAQ:INOD) Shares Down 6.3% – Here’s What Happened

Innodata Inc. (NASDAQ:INOD)’s share price fell 6.3% on Thursday . The stock traded as low as $34.91 and last traded at $35.37. 1,186,385 shares were traded during mid-day trading, an increase of 47% from the average session volume of 807,054 shares. The stock had previously closed at $37.73.

Analyst Upgrades and Downgrades

Several research firms have issued reports on INOD. BWS Financial raised their target price on Innodata from $30.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. StockNews.com raised Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Chardan Capital reaffirmed a “buy” rating and issued a $45.00 target price on shares of Innodata in a research report on Friday. Finally, Craig Hallum initiated coverage on shares of Innodata in a research report on Tuesday, September 17th. They set a “buy” rating and a $23.00 price target for the company. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $35.75.

Innodata Price Performance

The company has a fifty day moving average of $30.45 and a 200-day moving average of $21.08. The stock has a market cap of $1.00 billion, a PE ratio of 58.48 and a beta of 2.56. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.15.

Insider Transactions at Innodata

In related news, COO Ashok Mishra sold 92,726 shares of Innodata stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $43.16, for a total value of $4,002,054.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jack Abuhoff sold 225,000 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $46.38, for a total value of $10,435,500.00. Following the transaction, the chief executive officer now directly owns 1,188,358 shares of the company’s stock, valued at $55,116,044.04. The trade was a 15.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 924,876 shares of company stock valued at $42,040,262. 15.23% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Innodata

A number of large investors have recently modified their holdings of INOD. nVerses Capital LLC purchased a new stake in shares of Innodata during the 2nd quarter worth $27,000. Point72 Asset Management L.P. purchased a new stake in Innodata during the 3rd quarter worth about $206,000. BNP Paribas Financial Markets lifted its holdings in Innodata by 38.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 13,443 shares of the technology company’s stock worth $225,000 after buying an additional 3,739 shares during the last quarter. Private Advisor Group LLC boosted its position in shares of Innodata by 17.4% during the 3rd quarter. Private Advisor Group LLC now owns 14,907 shares of the technology company’s stock worth $250,000 after acquiring an additional 2,207 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Innodata by 6.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,348 shares of the technology company’s stock valued at $102,000 after acquiring an additional 982 shares during the last quarter. 30.75% of the stock is owned by hedge funds and other institutional investors.

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.