Innodata (NASDAQ:INOD) Shares Gap Down – What’s Next?

Shares of Innodata Inc. (NASDAQ:INOD) gapped down prior to trading on Monday . The stock had previously closed at $29.97, but opened at $26.87. Innodata shares last traded at $27.18, with a volume of 325,122 shares.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on INOD. Wedbush began coverage on shares of Innodata in a report on Thursday, December 19th. They issued an “outperform” rating and a $48.00 target price on the stock. BWS Financial increased their price objective on shares of Innodata from $45.00 to $74.00 and gave the company a “buy” rating in a report on Friday, February 21st. Chardan Capital reaffirmed a “buy” rating and issued a $45.00 target price on shares of Innodata in a report on Friday, December 13th. Finally, Maxim Group upped their price objective on Innodata from $54.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, February 21st. One research analyst has rated the stock with a hold rating and five 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 target price of $53.00.

Innodata Stock Performance

The firm has a market cap of $996.28 million, a PE ratio of 37.45 and a beta of 2.66. 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 business has a 50 day simple moving average of $45.04 and a two-hundred day simple moving average of $36.35.

Innodata (NASDAQ:INOD) last announced its quarterly earnings data on Thursday, February 20th. The technology company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.20. The company had revenue of $59.18 million during the quarter, compared to analyst estimates of $53.01 million. Innodata had a net margin of 16.81% and a return on equity of 66.36%. As a group, equities research analysts forecast that Innodata Inc. will post 0.81 earnings per share for the current fiscal year.

Insider Transactions at Innodata

In other news, Director Nauman Sabeeh Toor sold 196,777 shares of the business’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $64.40, for a total value of $12,672,438.80. Following the completion of the sale, the director now owns 12,417 shares in the company, valued at approximately $799,654.80. The trade was a 94.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Ashok Mishra sold 48,650 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $65.07, for a total transaction of $3,165,655.50. Following the transaction, the chief operating officer now owns 60,000 shares in the company, valued at approximately $3,904,200. This represents a 44.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 275,427 shares of company stock valued at $17,790,794. 15.23% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Innodata

A number of large investors have recently made changes to their positions in INOD. GAMMA Investing LLC boosted its holdings in Innodata by 7,273.5% in the first quarter. GAMMA Investing LLC now owns 19,171 shares of the technology company’s stock worth $6,880,000 after acquiring an additional 18,911 shares in the last quarter. Wellington Management Group LLP acquired a new stake in Innodata in the 4th quarter worth approximately $11,283,000. Palisades Investment Partners LLC increased its stake in Innodata by 6.1% during the 4th quarter. Palisades Investment Partners LLC now owns 368,651 shares of the technology company’s stock valued at $14,569,000 after purchasing an additional 21,093 shares in the last quarter. Two Sigma Investments LP acquired a new stake in shares of Innodata during the fourth quarter worth $5,282,000. Finally, State of Wyoming acquired a new stake in Innodata during the 4th quarter worth about $250,000. 30.75% of the stock is owned by institutional investors and hedge funds.

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.