Innodata (NASDAQ:INOD) Trading 6.2% Higher – Still a Buy?

Innodata Inc. (NASDAQ:INOD)’s share price shot up 6.2% on Friday . The stock traded as high as $42.00 and last traded at $41.94. 108,069 shares were traded during trading, a decline of 76% from the average session volume of 459,753 shares. The stock had previously closed at $39.50.

Wall Street Analysts Forecast Growth

INOD has been the subject of a number of research analyst reports. Chardan Capital reiterated a “buy” rating and issued a $45.00 target price on shares of Innodata in a research note on Friday, December 13th. Craig Hallum assumed coverage on Innodata in a research note on Tuesday, September 17th. They issued a “buy” rating and a $23.00 price objective on the stock. BWS Financial increased their target price on Innodata from $30.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, November 8th. StockNews.com raised Innodata from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Finally, Wedbush began coverage on shares of Innodata in a report on Thursday, December 19th. They set an “outperform” rating and a $48.00 price objective on the stock. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $38.20.

Innodata Trading Up 12.2 %

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 cap of $1.29 billion, a P/E ratio of 75.12 and a beta of 2.59. The business has a 50-day moving average price of $37.89 and a two-hundred day moving average price of $24.01.

Insider Buying and Selling

In related news, CFO Marissa B. Espineli sold 38,333 shares of Innodata stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $47.17, for a total transaction of $1,808,167.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Louise C. Forlenza sold 4,000 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $45.10, for a total value of $180,400.00. Following the completion of 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 position. The disclosure for this sale can be found here. Insiders sold a total of 1,035,083 shares of company stock worth $46,889,370 over the last three months. 15.23% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Innodata

Several institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its position in shares of Innodata by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 613,748 shares of the technology company’s stock valued at $10,294,000 after buying an additional 13,609 shares in the last quarter. State Street Corp increased its holdings in shares of Innodata by 1.8% in the third quarter. State Street Corp now owns 537,301 shares of the technology company’s stock worth $9,011,000 after acquiring an additional 9,408 shares in the last quarter. Deerfield Management Company L.P. Series C increased its holdings in shares of Innodata by 309.5% in the second quarter. Deerfield Management Company L.P. Series C now owns 111,814 shares of the technology company’s stock worth $1,658,000 after acquiring an additional 84,509 shares in the last quarter. Marshall Wace LLP raised its position in shares of Innodata by 83.9% during the second quarter. Marshall Wace LLP now owns 85,395 shares of the technology company’s stock worth $1,266,000 after purchasing an additional 38,954 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Innodata by 19.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 78,057 shares of the technology company’s stock valued at $1,158,000 after purchasing an additional 12,515 shares in the last quarter. 30.75% of the stock is currently owned by institutional investors and hedge funds.

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.