Innodata (NASDAQ:INOD) Reaches New 12-Month High – Still a Buy?

Innodata Inc. (NASDAQ:INOD) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $62.32 and last traded at $59.52, with a volume of 3240734 shares changing hands. The stock had previously closed at $58.09.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. StockNews.com upgraded shares of Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. BWS Financial increased their target price on shares of Innodata from $30.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Chardan Capital restated a “buy” rating and issued a $45.00 price target on shares of Innodata in a report on Friday, December 13th. Finally, Wedbush assumed coverage on shares of Innodata in a research report on Thursday, December 19th. They set an “outperform” rating and a $48.00 target price on the stock. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $38.20.

Innodata Stock Performance

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 firm’s 50 day simple moving average is $40.66 and its 200 day simple moving average is $29.64. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 100.88 and a beta of 2.57.

Insider Activity at Innodata

In related news, CEO Jack Abuhoff sold 187,099 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $46.07, for a total value of $8,619,650.93. Following the completion of the sale, the chief executive officer now owns 1,188,358 shares of the company’s stock, valued at approximately $54,747,653.06. The trade was a 13.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Ashok Mishra sold 58,500 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $44.97, for a total transaction of $2,630,745.00. The disclosure for this sale can be found here. Insiders sold a total of 559,806 shares of company stock worth $25,353,904 in the last three months. Company insiders own 15.23% of the company’s stock.

Institutional Investors Weigh In On Innodata

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allworth Financial LP purchased a new stake in shares of Innodata during the fourth quarter worth $29,000. USA Financial Formulas purchased a new stake in shares of Innodata during the fourth quarter worth $36,000. Meeder Asset Management Inc. purchased a new stake in shares of Innodata during the fourth quarter worth $36,000. AlphaQuest LLC grew its holdings in shares of Innodata by 79.4% during the fourth quarter. AlphaQuest LLC now owns 1,030 shares of the technology company’s stock worth $41,000 after buying an additional 456 shares in the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Innodata during the fourth quarter worth $150,000. Hedge funds and other institutional investors 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.