Innodata (NASDAQ:INOD) Sees Strong Trading Volume – Here’s Why

Innodata Inc. (NASDAQ:INOD) shares saw unusually-strong trading volume on Tuesday . Approximately 472,090 shares traded hands during trading, a decline of 30% from the previous session’s volume of 674,021 shares.The stock last traded at $48.63 and had previously closed at $45.90.

Analyst Ratings Changes

Several analysts recently weighed in on the company. BWS Financial upped their price objective 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 assumed coverage on shares of Innodata in a research note on Tuesday, September 17th. They issued a “buy” rating and a $23.00 price target on the stock. Finally, StockNews.com upgraded shares of Innodata to a “sell” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating and three have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $32.67.

Innodata Price Performance

The company has a 50 day moving average price of $18.88 and a 200-day moving average price of $16.36. 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 $1.14 billion, a price-to-earnings ratio of 66.75 and a beta of 2.30.

Institutional Trading of Innodata

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in Innodata by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 1,460,430 shares of the technology company’s stock worth $9,639,000 after purchasing an additional 28,173 shares during the last quarter. Rathbones Group PLC bought a new position in shares of Innodata during the second quarter worth about $916,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Innodata by 6.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 15,348 shares of the technology company’s stock worth $102,000 after acquiring an additional 982 shares during the period. Deerfield Management Company L.P. Series C boosted its holdings in 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 valued at $1,658,000 after acquiring an additional 84,509 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in Innodata by 11.2% in the first quarter. BNP Paribas Financial Markets now owns 22,208 shares of the technology company’s stock valued at $147,000 after acquiring an additional 2,230 shares during the last quarter. 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.