Short Interest in Innodata Inc. (NASDAQ:INOD) Expands By 10.7%

Innodata Inc. (NASDAQ:INOD) was the recipient of a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 3,610,000 shares, a growth of 10.7% from the August 15th total of 3,260,000 shares. Based on an average daily trading volume, of 557,500 shares, the short-interest ratio is presently 6.5 days.

Innodata Price Performance

Shares of NASDAQ INOD traded down $0.52 during mid-day trading on Wednesday, reaching $14.25. 244,284 shares of the company traded hands, compared to its average volume of 626,700. Innodata has a fifty-two week low of $5.46 and a fifty-two week high of $21.58. The firm has a market cap of $409.73 million, a PE ratio of 246.17 and a beta of 2.32. The stock has a fifty day simple moving average of $17.27 and a 200-day simple moving average of $12.58. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.45 and a quick ratio of 1.45.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. StockNews.com lowered Innodata from a “hold” rating to a “sell” rating in a research note on Monday, August 12th. BWS Financial boosted their target price on shares of Innodata from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Maxim Group assumed coverage on shares of Innodata in a research note on Monday, July 15th. They issued a “buy” rating and a $30.00 target price for the company. Finally, Craig Hallum began coverage on shares of Innodata in a research note on Tuesday. They set a “buy” rating and a $23.00 price target on the stock. One analyst has rated the stock with a sell rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $27.67.

Institutional Investors Weigh In On Innodata

Large investors have recently made changes to their positions in the company. nVerses Capital LLC acquired a new position in Innodata in the 2nd quarter valued at approximately $27,000. Victory Capital Management Inc. acquired a new position in Innodata during the fourth quarter worth $53,000. Elkhorn Partners Limited Partnership bought a new position in Innodata during the first quarter valued at about $94,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Innodata by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,348 shares of the technology company’s stock worth $102,000 after acquiring an additional 982 shares in the last quarter. Finally, Private Advisor Group LLC increased its holdings in shares of Innodata by 8.5% during the 4th quarter. Private Advisor Group LLC now owns 12,700 shares of the technology company’s stock valued at $103,000 after acquiring an additional 1,000 shares during the last quarter. Institutional investors and hedge funds 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.