Innodata Target of Unusually Large Options Trading (NASDAQ:INOD)

Innodata Inc. (NASDAQ:INOD) was the target of unusually large options trading activity on Monday. Traders purchased 5,746 call options on the stock. This represents an increase of approximately 515% compared to the average volume of 934 call options.

Innodata Stock Up 6.7 %

INOD traded up $0.94 during midday trading on Monday, hitting $14.89. The company had a trading volume of 292,619 shares, compared to its average volume of 634,426. The company has a market capitalization of $428.13 million, a price-to-earnings ratio of 247.33 and a beta of 2.32. The stock’s 50 day moving average price is $17.11 and its 200 day moving average price is $12.73. Innodata has a 52 week low of $5.46 and a 52 week high of $21.58. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.24.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Deerfield Management Company L.P. Series C boosted its holdings in Innodata by 309.5% during the second quarter. Deerfield Management Company L.P. Series C now owns 111,814 shares of the technology company’s stock worth $1,658,000 after purchasing an additional 84,509 shares during the last quarter. Squarepoint Ops LLC purchased a new position in Innodata in the second quarter valued at about $381,000. Marshall Wace LLP boosted its stake in Innodata by 83.9% in the second quarter. Marshall Wace LLP now owns 85,395 shares of the technology company’s stock valued at $1,266,000 after acquiring an additional 38,954 shares during the last quarter. XTX Topco Ltd purchased a new position in Innodata in the second quarter valued at about $285,000. Finally, Rathbones Group PLC purchased a new position in Innodata in the second quarter valued at about $916,000. 30.75% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

INOD has been the topic of several analyst reports. BWS Financial increased their price target 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 initiated coverage on shares of Innodata in a report on Monday, July 15th. They set a “buy” rating and a $30.00 price target on the stock. StockNews.com downgraded shares of Innodata from a “hold” rating to a “sell” rating in a research note on Monday, August 12th. Finally, Craig Hallum initiated coverage on shares of Innodata in a research note on Tuesday, September 17th. They set a “buy” rating and a $23.00 target price for the company. One equities research analyst has rated the stock with a sell rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $27.67.

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.