Short Interest in Innodata Inc. (NASDAQ:INOD) Drops By 14.6%

Innodata Inc. (NASDAQ:INOD) saw a large drop in short interest in the month of February. As of February 28th, there was short interest totalling 3,870,000 shares, a drop of 14.6% from the February 13th total of 4,530,000 shares. Currently, 15.7% of the company’s shares are sold short. Based on an average daily volume of 2,090,000 shares, the days-to-cover ratio is currently 1.9 days.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. BWS Financial raised their price objective on Innodata from $45.00 to $74.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Wedbush began coverage on shares of Innodata in a research report on Thursday, December 19th. They issued an “outperform” rating and a $48.00 price objective on the stock. Maxim Group lifted their price target on shares of Innodata from $54.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, Chardan Capital restated a “buy” rating and set a $45.00 target price on shares of Innodata in a research note on Friday, December 13th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Insiders Place Their Bets

In related news, COO Ashok Mishra sold 48,650 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $65.07, for a total value of $3,165,655.50. Following the completion of the transaction, the chief operating officer now owns 60,000 shares of the company’s stock, valued at $3,904,200. The trade was a 44.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Nauman Sabeeh Toor sold 196,777 shares of the stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $64.40, for a total value of $12,672,438.80. Following the sale, the director now directly owns 12,417 shares in the company, valued at $799,654.80. This trade represents a 94.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 385,634 shares of company stock worth $22,639,902 in the last ninety days. 15.23% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Allworth Financial LP purchased a new position in shares of Innodata in the 4th quarter valued at about $29,000. USA Financial Formulas purchased a new stake in shares of Innodata during the fourth quarter worth about $36,000. Meeder Asset Management Inc. acquired a new position in shares of Innodata during the 4th quarter worth about $36,000. AlphaQuest LLC lifted its stake in Innodata by 79.4% in the 4th quarter. AlphaQuest LLC now owns 1,030 shares of the technology company’s stock valued at $41,000 after buying an additional 456 shares in the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in Innodata in the 4th quarter worth about $150,000. Institutional investors and hedge funds own 30.75% of the company’s stock.

Innodata Stock Performance

Innodata stock traded up $0.47 during midday trading on Thursday, hitting $44.40. 285,887 shares of the company were exchanged, compared to its average volume of 1,158,888. Innodata has a fifty-two week low of $5.46 and a fifty-two week high of $71.00. The firm has a market capitalization of $1.39 billion, a PE ratio of 52.08 and a beta of 2.59. The business has a fifty day simple moving average of $44.61 and a two-hundred day simple moving average of $34.21. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.84 and a current ratio of 1.84.

Innodata (NASDAQ:INOD) last posted its earnings results on Thursday, February 20th. The technology company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.20. Innodata had a net margin of 16.81% and a return on equity of 66.36%. The firm had revenue of $59.18 million during the quarter, compared to analyst estimates of $53.01 million. On average, sell-side analysts forecast that Innodata will post 0.81 earnings per share for the current year.

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.