Innodata (NASDAQ:INOD) Shares Gap Up - Here's What Happened

Innodata Inc. (NASDAQ:INOD - Get Free Report)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $37.76, but opened at $38.77. Innodata shares last traded at $37.31, with a volume of 313,119 shares traded.

Analysts Set New Price Targets

Several brokerages have recently weighed in on INOD. BWS Financial lifted their target price on shares of Innodata from $30.00 to $45.00 and gave the company a "buy" rating in a report on Friday, November 8th. Chardan Capital reiterated a "buy" rating and set a $45.00 target price on shares of Innodata in a research report on Friday. StockNews.com raised Innodata from a "sell" rating to a "hold" rating in a report on Saturday, November 16th. Finally, Craig Hallum assumed coverage on shares of Innodata in a research note on Tuesday, September 17th. They set a "buy" rating and a $23.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Innodata currently has an average rating of "Moderate Buy" and a consensus target price of $35.75.

Innodata Stock Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 1.84 and a quick ratio of 1.84. The stock has a 50-day simple moving average of $31.27 and a 200 day simple moving average of $21.53. The company has a market capitalization of $1.09 billion, a PE ratio of 64.00 and a beta of 2.56.

Insiders Place Their Bets

In other Innodata news, COO Ashok Mishra sold 58,500 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $44.97, for a total transaction of $2,630,745.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Stewart R. Massey sold 50,000 shares of the company's stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $40.55, for a total value of $2,027,500.00. Following the completion of the transaction, the director now owns 25,262 shares of the company's stock, valued at $1,024,374.10. The trade was a 66.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 924,876 shares of company stock worth $42,040,262. Insiders own 15.23% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in INOD. Geode Capital Management LLC increased its stake in Innodata by 2.3% during the third quarter. Geode Capital Management LLC now owns 613,748 shares of the technology company's stock worth $10,294,000 after acquiring an additional 13,609 shares during the last quarter. State Street Corp increased its position in Innodata by 1.8% during the 3rd quarter. State Street Corp now owns 537,301 shares of the technology company's stock worth $9,011,000 after purchasing an additional 9,408 shares in the last quarter. Deerfield Management Company L.P. Series C raised its holdings in Innodata by 309.5% in the second 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 buying an additional 84,509 shares during the period. Marshall Wace LLP lifted its position in Innodata by 83.9% during the second quarter. Marshall Wace LLP now owns 85,395 shares of the technology company's stock valued at $1,266,000 after buying an additional 38,954 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Innodata by 19.1% during the second quarter. Bank of New York Mellon Corp now owns 78,057 shares of the technology company's stock worth $1,158,000 after buying an additional 12,515 shares during the period. 30.75% of the stock is owned by hedge funds and other institutional investors.

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.