Innodata (NASDAQ:INOD) Trading 7.9% Higher - Here's Why

Innodata Inc. (NASDAQ:INOD - Get Free Report)'s share price traded up 7.9% during trading on Thursday . The company traded as high as $46.54 and last traded at $46.51. 1,264,438 shares traded hands during trading, an increase of 49% from the average session volume of 847,671 shares. The stock had previously closed at $43.09.

Analyst Ratings Changes

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

Innodata Stock Performance

The stock's 50-day simple moving average is $34.66 and its 200-day simple moving average is $22.76. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of 78.36 and a beta of 2.56. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.15.

Insider Buying and Selling at Innodata

In other Innodata news, CEO Jack Abuhoff sold 225,000 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer now directly 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Marissa B. Espineli sold 38,333 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $47.17, for a total transaction of $1,808,167.61. The disclosure for this sale can be found here. Insiders sold 1,035,083 shares of company stock valued at $46,889,370 in the last three months. Corporate insiders own 15.23% of the company's stock.

Hedge Funds Weigh In On Innodata

A number of institutional investors have recently modified their holdings of INOD. nVerses Capital LLC bought a new position in Innodata in the second quarter valued at about $27,000. Point72 Asset Management L.P. acquired a new stake in shares of Innodata in the 3rd quarter valued at approximately $206,000. BNP Paribas Financial Markets grew its holdings in shares of Innodata by 38.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 13,443 shares of the technology company's stock valued at $225,000 after purchasing an additional 3,739 shares during the last quarter. JPMorgan Chase & Co. increased its position in Innodata by 17.1% during the 3rd 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 in the last quarter. Finally, Private Advisor Group LLC increased its position in Innodata by 17.4% during the 3rd quarter. Private Advisor Group LLC now owns 14,907 shares of the technology company's stock worth $250,000 after purchasing an additional 2,207 shares in the last quarter. Institutional investors and hedge funds own 30.75% of the company's stock.

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.