Innodata (NASDAQ:INOD) Shares Gap Down – Here’s What Happened

Innodata Inc. (NASDAQ:INOD)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $29.97, but opened at $26.87. Innodata shares last traded at $27.18, with a volume of 325,122 shares.

Wall Street Analyst Weigh In

Several research analysts have issued reports on INOD shares. BWS Financial upped their price target on Innodata from $45.00 to $74.00 and gave the company a “buy” rating in a report on Friday, February 21st. Chardan Capital reaffirmed a “buy” rating and set a $45.00 target price on shares of Innodata in a research report on Friday, December 13th. Wedbush began coverage on Innodata in a report on Thursday, December 19th. They set an “outperform” rating and a $48.00 target price for the company. Finally, Maxim Group upped their price objective on shares of Innodata from $54.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, February 21st. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Innodata Stock Performance

The stock has a market capitalization of $1.16 billion, a PE ratio of 43.66 and a beta of 2.66. 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 has a 50 day moving average of $44.94 and a 200-day moving average of $36.57.

Innodata (NASDAQ:INOD) last posted its quarterly earnings results on Thursday, February 20th. The technology company reported $0.31 earnings per share (EPS) 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 business had revenue of $59.18 million during the quarter, compared to analyst estimates of $53.01 million. Research analysts forecast that Innodata Inc. will post 0.81 earnings per share for the current year.

Insider Activity

In related news, COO Ashok Mishra sold 48,650 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $65.07, for a total value of $3,165,655.50. Following the completion of the sale, the chief operating officer now owns 60,000 shares of the company’s stock, valued at approximately $3,904,200. The trade was a 44.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Nauman Sabeeh Toor sold 196,777 shares of Innodata stock in a transaction that occurred on Wednesday, February 26th. The shares were 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 of the company’s stock, valued at $799,654.80. This trade represents a 94.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 275,427 shares of company stock worth $17,790,794 in the last ninety days. Corporate insiders own 15.23% of the company’s stock.

Institutional Trading of Innodata

Several large investors have recently made changes to their positions in the stock. Invesco Ltd. lifted its holdings in Innodata by 2.0% in the 4th quarter. Invesco Ltd. now owns 11,781 shares of the technology company’s stock worth $466,000 after purchasing an additional 232 shares during the last quarter. NewEdge Advisors LLC raised its position in shares of Innodata by 2.7% in the fourth quarter. NewEdge Advisors LLC now owns 11,300 shares of the technology company’s stock valued at $447,000 after purchasing an additional 300 shares during the period. AlphaQuest LLC boosted its holdings in shares of Innodata by 79.4% during the 4th quarter. AlphaQuest LLC now owns 1,030 shares of the technology company’s stock worth $41,000 after buying an additional 456 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Innodata by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,374 shares of the technology company’s stock worth $608,000 after buying an additional 533 shares during the period. Finally, Allworth Financial LP acquired a new position in Innodata in the 4th quarter valued at $29,000. 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.