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

Innodata Inc. (NASDAQ:INOD) saw a large growth in short interest in December. As of December 31st, there was short interest totalling 3,850,000 shares, a growth of 14.2% from the December 15th total of 3,370,000 shares. Based on an average trading volume of 1,590,000 shares, the days-to-cover ratio is presently 2.4 days.

Innodata Stock Down 0.8 %

INOD stock traded down $0.31 during trading on Friday, reaching $36.78. The stock had a trading volume of 794,625 shares, compared to its average volume of 1,429,272. Innodata has a one year low of $5.46 and a one year high of $55.17. The company’s 50 day moving average is $40.53 and its two-hundred day moving average is $25.68. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of 62.34 and a beta of 2.59.

Insider Activity

In other Innodata news, Director Louise C. Forlenza sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $45.10, for a total value of $180,400.00. Following the completion of the sale, the director now owns 8,278 shares of the company’s stock, valued at approximately $373,337.80. This trade represents a 32.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Jack Abuhoff sold 225,000 shares of the company’s stock in a transaction that occurred 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 in the company, 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. Insiders sold 1,035,083 shares of company stock worth $46,889,370 in the last quarter. 15.23% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Innodata

Several large investors have recently made changes to their positions in INOD. USA Financial Formulas purchased a new stake in shares of Innodata during the 4th quarter worth approximately $36,000. Harbour Capital Advisors LLC purchased a new stake in Innodata in the fourth quarter worth $292,000. Hennion & Walsh Asset Management Inc. bought a new stake in shares of Innodata in the fourth quarter valued at $371,000. Point72 Asset Management L.P. bought a new stake in shares of Innodata in the third quarter valued at $206,000. Finally, BNP Paribas Financial Markets lifted its position in shares of Innodata by 38.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 13,443 shares of the technology company’s stock valued at $225,000 after buying an additional 3,739 shares during the last quarter. 30.75% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on INOD. BWS Financial raised their price objective on shares of Innodata from $30.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, November 8th. StockNews.com raised shares of Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Wedbush began coverage on Innodata in a report on Thursday, December 19th. They set an “outperform” rating and a $48.00 price objective for the company. Finally, Chardan Capital reissued a “buy” rating and issued a $45.00 price objective on shares of Innodata in a research note on Friday, December 13th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $38.20.

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.