Short Interest in Innodata Inc. (NASDAQ:INOD) Drops By 7.1%

Innodata Inc. (NASDAQ:INOD) was the recipient of a significant decline in short interest in October. As of October 31st, there was short interest totalling 3,810,000 shares, a decline of 7.1% from the October 15th total of 4,100,000 shares. Based on an average trading volume of 732,800 shares, the days-to-cover ratio is presently 5.2 days.

Innodata Price Performance

Shares of INOD stock opened at $41.44 on Tuesday. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of 70.65 and a beta of 2.30. Innodata has a 12 month low of $5.46 and a 12 month high of $49.72. The stock has a 50-day moving average price of $20.30 and a 200 day moving average price of $17.05. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.15.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on INOD shares. StockNews.com raised Innodata from a “sell” rating to a “hold” rating in a research note on Saturday. Craig Hallum assumed coverage on Innodata in a research report on Tuesday, September 17th. They issued a “buy” rating and a $23.00 price objective for the company. Finally, BWS Financial increased their price objective on Innodata from $30.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, November 8th. One research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Innodata presently has an average rating of “Moderate Buy” and an average target price of $32.67.

Insiders Place Their Bets

In other Innodata news, Director Stewart R. Massey sold 50,000 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $40.55, for a total transaction of $2,027,500.00. Following the sale, the director now owns 25,262 shares in the company, valued at approximately $1,024,374.10. The trade was a 66.43 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 15.23% of the stock is owned by company insiders.

Hedge Funds Weigh In On Innodata

Several institutional investors and hedge funds have recently modified their holdings of INOD. Los Angeles Capital Management LLC bought a new stake in Innodata in the 3rd quarter valued at approximately $330,000. Vanguard Group Inc. grew its holdings in Innodata by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 1,460,430 shares of the technology company’s stock valued at $9,639,000 after buying an additional 28,173 shares in the last quarter. Rathbones Group PLC acquired a new stake in shares of Innodata during the 2nd quarter worth $916,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Innodata by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,348 shares of the technology company’s stock worth $102,000 after purchasing an additional 982 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C grew its holdings in shares of 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 in the last quarter. 30.75% of the stock is currently owned by institutional investors and hedge funds.

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.