Innodata (NASDAQ:INOD) Sees Large Volume Increase – Still a Buy?

Shares of Innodata Inc. (NASDAQ:INOD) saw unusually-strong trading volume on Wednesday . Approximately 431,802 shares traded hands during mid-day trading, a decline of 42% from the previous session’s volume of 741,043 shares.The stock last traded at $38.94 and had previously closed at $40.37.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on INOD. Craig Hallum initiated coverage on shares of Innodata in a report on Tuesday, September 17th. They set a “buy” rating and a $23.00 price objective on the stock. StockNews.com raised Innodata from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Finally, BWS Financial raised their price objective on Innodata from $30.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.67.

Innodata Price 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’s fifty day moving average price is $25.32 and its 200-day moving average price is $19.06. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of 64.97 and a beta of 2.30.

Insider Buying and Selling at Innodata

In other news, CEO Jack Abuhoff sold 187,099 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $46.07, for a total value of $8,619,650.93. Following the completion of the sale, the chief executive officer now owns 1,188,358 shares in the company, valued at $54,747,653.06. This represents a 13.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Louise C. Forlenza sold 4,000 shares of the firm’s stock in a transaction dated 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 in the company, 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 quarter, insiders sold 666,376 shares of company stock worth $30,335,517. Insiders own 15.23% of the company’s stock.

Institutional Investors Weigh In On Innodata

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. bought a new position in shares of Innodata in the third quarter valued at approximately $311,000. Los Angeles Capital Management LLC bought a new position in Innodata in the 3rd quarter valued at $330,000. Vanguard Group Inc. increased its position in shares of Innodata by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 1,460,430 shares of the technology company’s stock valued at $9,639,000 after purchasing an additional 28,173 shares during the last quarter. Rathbones Group PLC bought a new stake in shares of Innodata during the 2nd quarter worth $916,000. Finally, 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 worth $102,000 after buying an additional 982 shares during the last quarter. Hedge funds and other institutional investors own 30.75% of the company’s stock.

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.