Innodata (NASDAQ:INOD) Shares Gap Down Following Insider Selling

Innodata Inc. (NASDAQ:INOD) gapped down before the market opened on Tuesday after an insider sold shares in the company. The stock had previously closed at $45.39, but opened at $42.16. Innodata shares last traded at $43.35, with a volume of 591,520 shares changing hands.

Specifically, CEO Jack Abuhoff sold 187,099 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $46.07, for a total transaction of $8,619,650.93. Following the completion of the transaction, the chief executive officer now directly owns 1,188,358 shares of the company’s stock, valued at approximately $54,747,653.06. This represents a 13.60 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Louise C. Forlenza sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $45.10, for a total transaction of $180,400.00. Following the sale, the director now directly owns 8,278 shares in the company, valued at approximately $373,337.80. The trade was a 32.58 % decrease in their position. The disclosure for this sale can be found here. In related news, CFO Marissa B. Espineli sold 38,333 shares of Innodata stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $47.17, for a total transaction of $1,808,167.61. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. BWS Financial boosted their target price on Innodata from $30.00 to $45.00 and gave the company a “buy” rating in a report on Friday, November 8th. Craig Hallum began coverage on Innodata in a research note on Tuesday, September 17th. They issued a “buy” rating and a $23.00 price objective for the company. Finally, StockNews.com raised Innodata from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently 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 of $23.83 and a 200-day moving average of $18.58. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.84 and a current ratio of 1.84. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of 76.93 and a beta of 2.30.

Institutional Investors Weigh In On Innodata

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Innodata by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 1,460,430 shares of the technology company’s stock worth $9,639,000 after acquiring an additional 28,173 shares during the period. Janus Henderson Group PLC purchased a new position in Innodata during the first quarter worth about $8,142,000. Geode Capital Management LLC lifted its position in Innodata by 2.3% in the third quarter. Geode Capital Management LLC now owns 613,748 shares of the technology company’s stock valued at $10,294,000 after purchasing an additional 13,609 shares during the period. State Street Corp boosted its holdings in Innodata by 1.8% in the 3rd quarter. State Street Corp now owns 537,301 shares of the technology company’s stock valued at $9,011,000 after purchasing an additional 9,408 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C increased its position in Innodata by 309.5% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 111,814 shares of the technology company’s stock worth $1,658,000 after purchasing an additional 84,509 shares during the period. 30.75% of the stock is owned by institutional investors and hedge funds.

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.