Innodata (NASDAQ:INOD) Sees Strong Trading Volume – Should You Buy?

Innodata Inc. (NASDAQ:INOD) saw unusually-high trading volume on Thursday . Approximately 1,256,291 shares were traded during trading, an increase of 75% from the previous session’s volume of 719,225 shares.The stock last traded at $46.91 and had previously closed at $44.45.

Analyst Upgrades and Downgrades

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

Innodata Trading Up 4.0 %

The business has a fifty day moving average price of $22.03 and a two-hundred day moving average price of $17.75. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $1.34 billion, a PE ratio of 75.34 and a beta of 2.30.

Insiders Place Their Bets

In related news, COO Ashok Mishra sold 92,726 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $43.16, for a total transaction of $4,002,054.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stewart R. Massey sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $40.55, for a total value of $2,027,500.00. Following the completion of the sale, the director now owns 25,262 shares in the company, valued at approximately $1,024,374.10. This represents a 66.43 % decrease in their position. The disclosure for this sale can be found here. 15.23% of the stock is owned by company insiders.

Institutional Trading of Innodata

Several institutional investors have recently made changes to their positions in the stock. Los Angeles Capital Management LLC acquired a new stake in Innodata during the 3rd quarter valued at $330,000. Vanguard Group Inc. lifted its stake in Innodata by 2.0% during the first 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 purchased a new position in Innodata in the 2nd quarter worth about $916,000. Price T Rowe Associates Inc. MD grew its holdings 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 valued at $102,000 after buying an additional 982 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C increased its stake in Innodata by 309.5% in the 2nd 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 buying an additional 84,509 shares during the period. 30.75% of the stock is owned by hedge funds and other institutional investors.

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.