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

Innodata Inc. (NASDAQ:INOD) shares gapped up before the market opened on Tuesday . The stock had previously closed at $37.76, but opened at $38.77. Innodata shares last traded at $37.31, with a volume of 313,119 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on INOD. Chardan Capital restated a “buy” rating and issued a $45.00 price objective on shares of Innodata in a research report on Friday, December 13th. Craig Hallum began coverage on Innodata in a report on Tuesday, September 17th. They issued a “buy” rating and a $23.00 price objective for the company. BWS Financial boosted their target price on Innodata from $30.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, StockNews.com upgraded Innodata from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Innodata has an average rating of “Moderate Buy” and a consensus price target of $35.75.

Innodata Stock Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 1.84 and a quick ratio of 1.84. The business has a 50 day moving average price of $32.09 and a 200 day moving average price of $21.79. The stock has a market capitalization of $991.51 million, a PE ratio of 57.95 and a beta of 2.56.

Insider Activity at Innodata

In other news, Director Stewart R. Massey sold 50,000 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 25,262 shares of the company’s stock, valued at $1,024,374.10. This trade represents a 66.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Louise C. Forlenza sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $45.10, for a total transaction of $180,400.00. Following the transaction, the director now directly owns 8,278 shares of the company’s stock, valued at $373,337.80. The trade was a 32.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 924,876 shares of company stock valued at $42,040,262. 15.23% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in INOD. Barclays PLC boosted its stake in Innodata by 324.3% in the 3rd quarter. Barclays PLC now owns 38,557 shares of the technology company’s stock worth $647,000 after purchasing an additional 29,470 shares during the period. Geode Capital Management LLC grew its stake in Innodata by 2.3% during the third quarter. Geode Capital Management LLC now owns 613,748 shares of the technology company’s stock valued at $10,294,000 after acquiring an additional 13,609 shares in the last quarter. State Street Corp increased its holdings in Innodata by 1.8% in the 3rd quarter. State Street Corp now owns 537,301 shares of the technology company’s stock valued at $9,011,000 after acquiring an additional 9,408 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Innodata in the 3rd quarter worth $206,000. Finally, Centiva Capital LP purchased a new stake in Innodata in the 3rd quarter worth $318,000. 30.75% of the stock is currently owned by 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.