Innodata (NASDAQ:INOD) Shares Gap Up – Should You Buy?

Innodata Inc. (NASDAQ:INOD)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $36.75, but opened at $40.64. Innodata shares last traded at $42.61, with a volume of 974,637 shares.

Wall Street Analysts Forecast Growth

INOD has been the subject of a number of analyst reports. BWS Financial upped their price target on Innodata from $30.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Craig Hallum began coverage on shares of Innodata in a research note on Tuesday, September 17th. They set 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 report on Saturday. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $32.67.

Innodata Price Performance

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 $1.30 billion, a PE ratio of 75.73 and a beta of 2.30. The firm’s 50 day simple moving average is $20.84 and its 200 day simple moving average is $17.29.

Insider Buying and Selling

In other news, COO Ashok Mishra sold 92,726 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $43.16, for a total transaction of $4,002,054.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Stewart R. Massey sold 50,000 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $40.55, for a total value of $2,027,500.00. Following the sale, the director now directly owns 25,262 shares in the company, valued at $1,024,374.10. This trade represents a 66.43 % decrease in their position. The disclosure for this sale can be found here. 15.23% of the stock is currently owned by insiders.

Institutional Trading of Innodata

Several large investors have recently bought and sold shares of INOD. nVerses Capital LLC acquired a new position in shares of Innodata in the second quarter valued at about $27,000. Elkhorn Partners Limited Partnership acquired a new stake in Innodata during the 1st quarter valued at approximately $94,000. Price T Rowe Associates Inc. MD boosted 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. BNP Paribas Financial Markets increased its stake in shares of Innodata by 11.2% in the first quarter. BNP Paribas Financial Markets now owns 22,208 shares of the technology company’s stock worth $147,000 after acquiring an additional 2,230 shares during the period. Finally, Point72 Asset Management L.P. purchased a new position in shares of Innodata during the third quarter worth $206,000. Hedge funds and other institutional investors own 30.75% of the company’s stock.

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.