Short Interest in Innodata Inc. (NASDAQ:INOD) Drops By 7.1%

Innodata Inc. (NASDAQ:INOD) saw a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 3,810,000 shares, a drop of 7.1% from the October 15th total of 4,100,000 shares. Based on an average trading volume of 732,800 shares, the days-to-cover ratio is presently 5.2 days.

Insider Transactions at Innodata

In related news, Director Stewart R. Massey sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $40.55, for a total transaction of $2,027,500.00. Following the completion of the sale, 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 document filed with the SEC, which is available at the SEC website. 15.23% of the stock is owned by corporate insiders.

Institutional Trading of Innodata

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Innodata by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 1,460,430 shares of the technology company’s stock valued at $9,639,000 after purchasing an additional 28,173 shares during the last quarter. Janus Henderson Group PLC bought a new stake in Innodata during the first quarter valued at about $8,142,000. Geode Capital Management LLC raised its holdings in Innodata by 2.3% during the third quarter. Geode Capital Management LLC now owns 613,748 shares of the technology company’s stock valued at $10,294,000 after acquiring an additional 13,609 shares during the period. State Street Corp raised its holdings in Innodata by 1.8% during the third quarter. State Street Corp now owns 537,301 shares of the technology company’s stock valued at $9,011,000 after acquiring an additional 9,408 shares during the period. Finally, Deerfield Management Company L.P. Series C grew its position in shares of Innodata by 309.5% during 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 purchasing an additional 84,509 shares in the last quarter. Hedge funds and other institutional investors own 30.75% of the company’s stock.

Innodata Trading Up 12.8 %

INOD opened at $41.44 on Tuesday. Innodata has a one year low of $5.46 and a one year high of $49.72. The business has a 50 day simple moving average of $20.30 and a two-hundred day simple moving average of $17.05. 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 firm has a market capitalization of $1.20 billion, a price-to-earnings ratio of 70.65 and a beta of 2.30.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on INOD. StockNews.com upgraded Innodata from a “sell” rating to a “hold” rating in a report on Saturday. BWS Financial boosted their target price on Innodata from $30.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, Craig Hallum assumed coverage on Innodata in a research note on Tuesday, September 17th. They issued a “buy” rating and a $23.00 target price on the stock. One analyst has rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $32.67.

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.