Innodata Inc. (NASDAQ:INOD) Short Interest Down 14.6% in February

Innodata Inc. (NASDAQ:INOD) was the recipient of a significant decline in short interest in the month of February. As of February 28th, there was short interest totalling 3,870,000 shares, a decline of 14.6% from the February 13th total of 4,530,000 shares. Based on an average daily volume of 2,090,000 shares, the days-to-cover ratio is currently 1.9 days. Approximately 15.7% of the company’s shares are short sold.

Innodata Stock Up 6.3 %

NASDAQ INOD traded up $2.61 during mid-day trading on Wednesday, reaching $43.99. The stock had a trading volume of 609,834 shares, compared to its average volume of 1,156,954. Innodata has a 1 year low of $5.46 and a 1 year high of $71.00. The stock has a market cap of $1.38 billion, a PE ratio of 51.82 and a beta of 2.59. The company has a fifty day moving average price of $44.46 and a 200 day moving average price of $34.14. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.84 and a quick ratio of 1.84.

Innodata (NASDAQ:INOD) last announced its quarterly earnings data on Thursday, February 20th. The technology company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.20. Innodata had a net margin of 16.81% and a return on equity of 66.36%. The company had revenue of $59.18 million during the quarter, compared to analyst estimates of $53.01 million. On average, research analysts expect that Innodata will post 0.81 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Chardan Capital restated a “buy” rating and set a $45.00 target price on shares of Innodata in a research note on Friday, December 13th. BWS Financial lifted their price objective on Innodata from $45.00 to $74.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Maxim Group boosted their price target on Innodata from $54.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Finally, Wedbush started coverage on Innodata in a report on Thursday, December 19th. They set an “outperform” rating and a $48.00 price objective for the company. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $53.00.

Insider Activity at Innodata

In other news, Director Nauman Sabeeh Toor sold 196,777 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $64.40, for a total transaction of $12,672,438.80. Following the completion of the sale, the director now owns 12,417 shares in the company, valued at $799,654.80. The trade was a 94.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Marissa B. Espineli sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $65.09, for a total value of $1,952,700.00. Following the completion of the sale, the chief financial officer now owns 18,000 shares of the company’s stock, valued at approximately $1,171,620. This trade represents a 62.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 385,634 shares of company stock worth $22,639,902. 15.23% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in 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 acquiring an additional 117,000 shares during the last quarter. D. E. Shaw & Co. Inc. lifted its stake in shares of Innodata by 1,718.4% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 944,611 shares of the technology company’s stock worth $37,331,000 after purchasing an additional 892,663 shares during the last quarter. Geode Capital Management LLC raised its stake 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 buying an additional 13,609 shares during the last quarter. State Street Corp raised its stake in Innodata by 1.8% in the third quarter. State Street Corp now owns 537,301 shares of the technology company’s stock valued at $9,011,000 after buying an additional 9,408 shares during the last quarter. Finally, Driehaus Capital Management LLC purchased a new stake in Innodata in the fourth quarter valued at about $16,713,000. Institutional investors own 30.75% of the company’s stock.

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.