Innodata (NASDAQ:INOD) Stock Price Down 6.7% – What’s Next?

Shares of Innodata Inc. (NASDAQ:INOD) fell 6.7% during mid-day trading on Wednesday . The company traded as low as $41.48 and last traded at $42.90. 467,115 shares were traded during trading, a decline of 32% from the average session volume of 683,676 shares. The stock had previously closed at $45.99.

Analysts Set New Price Targets

A number of brokerages have issued reports on INOD. Craig Hallum began coverage on shares of Innodata in a report on Tuesday, September 17th. They set a “buy” rating and a $23.00 target price on the stock. BWS Financial boosted their target price on shares of Innodata from $30.00 to $45.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, StockNews.com raised shares of Innodata to a “sell” rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating and three have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $32.67.

Innodata Price Performance

The business’s 50-day moving average price is $19.36 and its 200 day moving average price is $16.52. The stock has a market capitalization of $1.14 billion, a PE ratio of 66.37 and a beta of 2.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.84 and a current ratio of 1.84.

Insider Activity

In related news, Director Stewart R. Massey sold 50,000 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $40.55, for a total value of $2,027,500.00. Following the completion of the transaction, the director now directly owns 25,262 shares in the company, valued at approximately $1,024,374.10. The trade was a 66.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 15.23% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INOD. nVerses Capital LLC purchased a new position in Innodata in the second quarter worth $27,000. Elkhorn Partners Limited Partnership bought a new position in shares of Innodata during the first quarter valued at about $94,000. Price T Rowe Associates Inc. MD grew its stake 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 buying an additional 982 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Innodata by 11.2% during the first quarter. BNP Paribas Financial Markets now owns 22,208 shares of the technology company’s stock valued at $147,000 after buying an additional 2,230 shares during the last quarter. Finally, Private Advisor Group LLC grew its stake in shares of Innodata by 17.4% during the third quarter. Private Advisor Group LLC now owns 14,907 shares of the technology company’s stock valued at $250,000 after buying an additional 2,207 shares during the last quarter. 30.75% of the stock is currently owned by hedge funds and other institutional investors.

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.