Innodata (NASDAQ:INOD) Shares Down 16.3% – Here’s What Happened

Innodata Inc. (NASDAQ:INOD) fell 16.3% during trading on Friday . The stock traded as low as $28.56 and last traded at $27.91. 1,062,084 shares were traded during mid-day trading, a decline of 13% from the average session volume of 1,219,151 shares. The stock had previously closed at $33.33.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on INOD. Wedbush assumed coverage on shares of Innodata in a research note on Thursday, December 19th. They issued an “outperform” rating and a $48.00 price target on the stock. Maxim Group raised their price objective on Innodata from $54.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. BWS Financial upped their price target on Innodata from $45.00 to $74.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Finally, Chardan Capital reiterated a “buy” rating and issued a $45.00 price objective on shares of Innodata in a report on Friday, December 13th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $53.00.

Innodata Price Performance

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 stock has a market capitalization of $889.80 million, a price-to-earnings ratio of 33.40 and a beta of 2.59. The company’s 50 day moving average is $45.25 and its 200 day moving average is $35.94.

Innodata (NASDAQ:INOD) last announced its earnings results on Thursday, February 20th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.20. Innodata had a return on equity of 66.36% and a net margin of 16.81%. The firm had revenue of $59.18 million during the quarter, compared to analysts’ expectations of $53.01 million. Research analysts anticipate that Innodata Inc. will post 0.81 EPS for the current fiscal year.

Insider Buying and Selling

In other Innodata news, COO Ashok Mishra sold 48,650 shares of Innodata stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $65.07, for a total value of $3,165,655.50. Following the transaction, the chief operating officer now directly owns 60,000 shares in the company, valued at approximately $3,904,200. This trade represents a 44.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Nauman Sabeeh Toor sold 196,777 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $64.40, for a total value of $12,672,438.80. Following the completion of the transaction, the director now directly owns 12,417 shares in the company, valued at approximately $799,654.80. The trade was a 94.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 275,427 shares of company stock worth $17,790,794 in the last 90 days. Company insiders own 15.23% of the company’s stock.

Institutional Investors Weigh In On Innodata

A number of hedge funds have recently added to or reduced their stakes in INOD. Vanguard Group Inc. lifted its holdings in shares of Innodata by 7.7% in the 4th quarter. Vanguard Group Inc. now owns 1,639,724 shares of the technology company’s stock valued at $64,802,000 after buying an additional 117,000 shares during the period. D. E. Shaw & Co. Inc. raised its position in Innodata by 1,718.4% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 944,611 shares of the technology company’s stock worth $37,331,000 after acquiring an additional 892,663 shares in the last quarter. Geode Capital Management LLC lifted its holdings 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 acquiring an additional 13,609 shares during the period. State Street Corp boosted its position in shares of Innodata by 1.8% during the 3rd quarter. State Street Corp now owns 537,301 shares of the technology company’s stock worth $9,011,000 after purchasing an additional 9,408 shares in the last quarter. Finally, Driehaus Capital Management LLC acquired a new position in shares of Innodata during the 4th quarter worth $16,713,000. Institutional investors and hedge funds own 30.75% of the company’s stock.

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.