Innodata Inc. (NASDAQ:INOD) Sees Significant Drop in Short Interest

Innodata Inc. (NASDAQ:INOD) was the target of a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 2,470,000 shares, a decline of 35.2% from the October 31st total of 3,810,000 shares. Based on an average daily volume of 992,800 shares, the short-interest ratio is currently 2.5 days.

Wall Street Analyst Weigh In

INOD has been the topic of several recent analyst reports. Craig Hallum initiated coverage on Innodata in a research note on Tuesday, September 17th. They set a “buy” rating and a $23.00 target price on the stock. BWS Financial lifted 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. 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 three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $32.67.

Insiders Place Their Bets

In other news, CFO Marissa B. Espineli sold 38,333 shares of the company’s 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 filing with the SEC, which can be accessed through this hyperlink. Also, Director Stewart R. Massey sold 50,000 shares of the company’s 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 owns 25,262 shares of the company’s stock, valued at approximately $1,024,374.10. This trade represents a 66.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 666,376 shares of company stock valued at $30,335,517 in the last ninety days. Company insiders own 15.23% of the company’s stock.

Institutional Trading of Innodata

Hedge funds have recently modified their holdings of the stock. nVerses Capital LLC acquired a new position in Innodata in the 2nd quarter worth about $27,000. Point72 Asset Management L.P. purchased a new position in Innodata in the third quarter worth approximately $206,000. BNP Paribas Financial Markets grew its position in Innodata by 38.5% in the third quarter. BNP Paribas Financial Markets now owns 13,443 shares of the technology company’s stock worth $225,000 after acquiring an additional 3,739 shares during the period. Private Advisor Group LLC boosted its position in shares of Innodata by 17.4% during the third quarter. Private Advisor Group LLC now owns 14,907 shares of the technology company’s stock worth $250,000 after buying an additional 2,207 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Innodata by 6.8% during the first 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 period. Hedge funds and other institutional investors own 30.75% of the company’s stock.

Innodata Stock Performance

Innodata stock traded up $2.75 during trading hours on Friday, hitting $41.08. 1,387,485 shares of the stock traded hands, compared to its average volume of 2,159,655. 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 firm’s 50 day moving average price is $25.86 and its 200-day moving average price is $19.33. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of 69.63 and a beta of 2.30. Innodata has a 1 year low of $5.46 and a 1 year high of $49.72.

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.