Innodata (NASDAQ:INOD) Shares Gap Up – Time to Buy?

Shares of Innodata Inc. (NASDAQ:INOD) gapped up before the market opened on Friday . The stock had previously closed at $38.33, but opened at $40.30. Innodata shares last traded at $40.65, with a volume of 377,937 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. BWS Financial lifted their target price on shares of Innodata from $30.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Craig Hallum initiated coverage on Innodata in a report on Tuesday, September 17th. They issued a “buy” rating and a $23.00 price objective on the stock. Finally, StockNews.com raised Innodata from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $32.67.

Innodata Stock Up 7.5 %

The stock’s fifty day moving average is $25.32 and its 200 day moving average is $19.06. The company has a market capitalization of $1.19 billion, a P/E ratio of 69.83 and a beta of 2.30. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.15.

Insider Transactions at Innodata

In other Innodata news, CEO Jack Abuhoff sold 225,000 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $46.38, for a total value of $10,435,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,188,358 shares in the company, valued at $55,116,044.04. This trade represents a 15.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Louise C. Forlenza sold 4,000 shares of Innodata stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $45.10, for a total value of $180,400.00. Following the sale, the director now directly owns 8,278 shares in the company, valued at approximately $373,337.80. The trade was a 32.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 666,376 shares of company stock worth $30,335,517. 15.23% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Innodata by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 1,460,430 shares of the technology company’s stock valued at $9,639,000 after acquiring an additional 28,173 shares during the period. Price T Rowe Associates Inc. MD increased 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 acquiring an additional 982 shares in the last quarter. Janus Henderson Group PLC purchased a new position in shares of Innodata in the 1st quarter worth about $8,142,000. Bank of New York Mellon Corp boosted its stake in Innodata by 19.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 78,057 shares of the technology company’s stock worth $1,158,000 after purchasing an additional 12,515 shares in the last quarter. Finally, nVerses Capital LLC purchased a new stake in Innodata during the 2nd quarter valued at about $27,000. 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.