Innodata (NASDAQ:INOD) Shares Gap Down - Time to Sell?

Innodata Inc. (NASDAQ:INOD - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $35.96, but opened at $33.98. Innodata shares last traded at $33.38, with a volume of 262,326 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Craig Hallum initiated coverage on shares of Innodata in a research report on Tuesday, September 17th. They issued a "buy" rating and a $23.00 price target on the stock. Chardan Capital reissued a "buy" rating and set a $45.00 target price on shares of Innodata in a research report on Friday, December 13th. BWS Financial raised their price target on Innodata from $30.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, November 8th. StockNews.com raised Innodata from a "sell" rating to a "hold" rating in a research report on Saturday, November 16th. Finally, Wedbush assumed coverage on Innodata in a research note on Thursday, December 19th. They set an "outperform" rating and a $48.00 target price for the company. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Innodata has an average rating of "Moderate Buy" and a consensus target price of $38.20.

Innodata Stock Down 7.0 %

The stock has a market cap of $969.47 million, a price-to-earnings ratio of 56.66 and a beta of 2.59. The firm has a 50 day simple moving average of $39.64 and a two-hundred day simple moving average of $25.03. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.84 and a quick ratio of 1.84.

Insiders Place Their Bets

In related news, CEO Jack Abuhoff sold 225,000 shares of the company's stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $46.38, for a total value of $10,435,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,188,358 shares of the company's stock, valued at approximately $55,116,044.04. This represents a 15.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Marissa B. Espineli sold 38,333 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $47.17, for a total value of $1,808,167.61. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,035,083 shares of company stock worth $46,889,370. Corporate insiders own 15.23% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Point72 Asset Management L.P. bought a new stake in Innodata in the 3rd quarter valued at approximately $206,000. BNP Paribas Financial Markets lifted its position in shares of Innodata by 38.5% in the third quarter. BNP Paribas Financial Markets now owns 13,443 shares of the technology company's stock worth $225,000 after purchasing an additional 3,739 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Innodata by 17.1% during the third quarter. JPMorgan Chase & Co. now owns 14,408 shares of the technology company's stock worth $242,000 after purchasing an additional 2,099 shares during the last quarter. Private Advisor Group LLC increased its stake in Innodata by 17.4% in the 3rd 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. Finally, XTX Topco Ltd bought a new stake in Innodata during the 2nd quarter worth about $285,000. 30.75% of the stock is owned by institutional investors and hedge funds.

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.