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

Innodata Inc. (NASDAQ:INOD - Get Free Report) saw a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 2,470,000 shares, a decline 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.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on INOD. Craig Hallum initiated coverage on shares of Innodata in a research note on Tuesday, September 17th. They set a "buy" rating and a $23.00 target price on the stock. StockNews.com upgraded Innodata from a "sell" rating to a "hold" rating in a research report on Saturday, November 16th. Finally, BWS Financial increased their target price on Innodata from $30.00 to $45.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $32.67.

Insider Activity at Innodata

In other news, Director Stewart R. Massey sold 50,000 shares of the firm's stock in a transaction dated 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 transaction, the director now owns 25,262 shares of the company's stock, valued at $1,024,374.10. This trade represents a 66.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Ashok Mishra sold 92,726 shares of the business's stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $43.16, for a total value of $4,002,054.16. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 666,376 shares of company stock worth $30,335,517. 15.23% of the stock is owned by company insiders.

Institutional Trading of Innodata

Several hedge funds have recently modified their holdings of the company. Janus Henderson Group PLC bought a new stake in shares of Innodata in the 1st quarter worth about $8,142,000. Deerfield Management Company L.P. Series C raised its holdings 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 valued at $1,658,000 after buying an additional 84,509 shares during the period. Rathbones Group PLC bought a new stake in Innodata in the second quarter worth $916,000. Marshall Wace LLP boosted its stake in Innodata by 83.9% during the second 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 boosted its holdings in Innodata by 324.3% during the 3rd quarter. Barclays PLC now owns 38,557 shares of the technology company's stock valued at $647,000 after acquiring an additional 29,470 shares during the period. 30.75% of the stock is owned by hedge funds and other institutional investors.

Innodata Price Performance

INOD stock traded up $2.75 during mid-day trading on Friday, hitting $41.08. The company had a trading volume of 1,385,218 shares, compared to its average volume of 752,398. The company has a 50-day moving average price of $25.32 and a 200 day moving average price of $19.06. Innodata has a 12-month low of $5.46 and a 12-month high of $49.72. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 69.83 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.

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.