Innodata Inc. (NASDAQ:INOD) Sees Significant Increase in Short Interest

Innodata Inc. (NASDAQ:INOD) saw a large growth in short interest in September. As of September 30th, there was short interest totalling 3,810,000 shares, a growth of 19.4% from the September 15th total of 3,190,000 shares. Based on an average daily trading volume, of 574,800 shares, the days-to-cover ratio is currently 6.6 days.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on INOD. Maxim Group initiated coverage on shares of Innodata in a report on Monday, July 15th. They set a “buy” rating and a $30.00 price objective for the company. StockNews.com raised Innodata to a “sell” rating in a report on Friday, September 27th. Craig Hallum started coverage on Innodata in a report on Tuesday, September 17th. They issued a “buy” rating and a $23.00 target price on the stock. Finally, BWS Financial boosted their price target on Innodata from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 9th. One equities research analyst has rated the stock with a sell rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $27.67.

Hedge Funds Weigh In On Innodata

Hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets lifted its position in shares of Innodata by 11.2% in the first quarter. BNP Paribas Financial Markets now owns 22,208 shares of the technology company’s stock worth $147,000 after buying an additional 2,230 shares in the last quarter. GSA Capital Partners LLP increased its stake in Innodata by 128.5% in the 1st quarter. GSA Capital Partners LLP now owns 137,664 shares of the technology company’s stock worth $909,000 after acquiring an additional 77,410 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Innodata by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 1,460,430 shares of the technology company’s stock worth $9,639,000 after acquiring an additional 28,173 shares in the last quarter. Elkhorn Partners Limited Partnership bought a new position in shares of Innodata during the 1st quarter valued at approximately $94,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Innodata by 6.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 15,348 shares of the technology company’s stock valued at $102,000 after purchasing an additional 982 shares in the last quarter. Institutional investors own 30.75% of the company’s stock.

Innodata Stock Performance

Innodata stock traded up $0.53 during trading on Monday, reaching $17.09. The company had a trading volume of 397,488 shares, compared to its average volume of 620,804. The firm has a market capitalization of $491.39 million, a price-to-earnings ratio of 286.50 and a beta of 2.31. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.24. The firm’s 50-day simple moving average is $16.24 and its 200 day simple moving average is $13.70. Innodata has a 52 week low of $5.46 and a 52 week high of $21.58.

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.