Short Interest in Innodata Inc. (NASDAQ:INOD) Decreases By 35.2%

Innodata Inc. (NASDAQ:INOD) was the target of a large decrease in short interest in November. As of November 15th, there was short interest totalling 2,470,000 shares, a decrease of 35.2% from the October 31st total of 3,810,000 shares. Based on an average daily trading volume, of 992,800 shares, the days-to-cover ratio is presently 2.5 days.

Innodata Trading Down 5.1 %

Shares of INOD opened at $38.33 on Friday. The business’s 50-day moving average price is $25.32 and its 200 day moving average price is $19.06. The stock has a market capitalization of $1.11 billion, a P/E ratio of 64.97 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. Innodata has a 1-year low of $5.46 and a 1-year high of $49.72.

Insider Buying and Selling

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

Hedge Funds Weigh In On Innodata

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC purchased a new position in shares of Innodata during the 1st quarter valued at $8,142,000. Deerfield Management Company L.P. Series C raised its holdings in shares of Innodata by 309.5% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 111,814 shares of the technology company’s stock valued at $1,658,000 after purchasing an additional 84,509 shares in the last quarter. Rathbones Group PLC acquired a new stake in shares of Innodata in the 2nd quarter valued at $916,000. Marshall Wace LLP lifted its stake in shares of Innodata by 83.9% in the 2nd quarter. Marshall Wace LLP now owns 85,395 shares of the technology company’s stock valued at $1,266,000 after purchasing an additional 38,954 shares during the last quarter. Finally, Barclays PLC boosted its holdings in Innodata by 324.3% in the third quarter. Barclays PLC now owns 38,557 shares of the technology company’s stock worth $647,000 after purchasing an additional 29,470 shares in the last quarter. Institutional investors and hedge funds own 30.75% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on INOD shares. BWS Financial boosted their price target 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. StockNews.com raised shares of Innodata from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Finally, Craig Hallum initiated coverage on shares of Innodata in a report on Tuesday, September 17th. They set a “buy” rating and a $23.00 target price for the company. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $32.67.

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.