Innodata (NASDAQ:INOD) Shares Gap Up - Should You Buy?

Innodata Inc. (NASDAQ:INOD - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $36.75, but opened at $40.64. Innodata shares last traded at $42.61, with a volume of 974,637 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages have commented on INOD. StockNews.com upgraded shares of Innodata from a "sell" rating to a "hold" rating in a report on Saturday. Craig Hallum started coverage on shares of Innodata in a research report on Tuesday, September 17th. They issued a "buy" rating and a $23.00 price target for the company. Finally, BWS Financial increased 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. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Innodata presently has an average rating of "Moderate Buy" and a consensus price target of $32.67.

Innodata Price Performance

The firm has a market capitalization of $1.20 billion, a P/E ratio of 70.65 and a beta of 2.30. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.15. The stock has a fifty day moving average of $20.30 and a 200-day moving average of $17.05.

Insider Transactions at Innodata

In related news, Director Stewart R. Massey sold 50,000 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $40.55, for a total value of $2,027,500.00. Following the sale, the director now owns 25,262 shares in the company, valued at approximately $1,024,374.10. This represents a 66.43 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 15.23% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in INOD. Janus Henderson Group PLC bought a new position in Innodata during the 1st quarter worth $8,142,000. Deerfield Management Company L.P. Series C increased its position in 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 worth $1,658,000 after buying an additional 84,509 shares during the period. Rathbones Group PLC bought a new position in Innodata during the 2nd quarter worth $916,000. Marshall Wace LLP increased its position in Innodata by 83.9% during the 2nd quarter. Marshall Wace LLP now owns 85,395 shares of the technology company's stock worth $1,266,000 after buying an additional 38,954 shares during the period. Finally, Barclays PLC increased its position in Innodata by 324.3% during the 3rd quarter. Barclays PLC now owns 38,557 shares of the technology company's stock worth $647,000 after buying an additional 29,470 shares during the period. 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.