Innodata (NASDAQ:INOD) Shares Gap Down on Analyst Downgrade

Shares of Innodata Inc. (NASDAQ:INOD) gapped down before the market opened on Friday after Wedbush lowered their price target on the stock from $75.00 to $58.00. The stock had previously closed at $41.11, but opened at $37.15. Wedbush currently has an outperform rating on the stock. Innodata shares last traded at $35.05, with a volume of 1,891,574 shares traded.

A number of other research firms have also recently commented on INOD. BWS Financial upped their price objective on Innodata from $45.00 to $74.00 and gave the company a “buy” rating in a report on Friday, February 21st. Maxim Group increased their price target on Innodata from $54.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, February 21st. One research analyst has rated the stock with a hold rating and five have given 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 $55.00.

Insiders Place Their Bets

In related news, CFO Marissa B. Espineli sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $65.09, for a total transaction of $1,952,700.00. Following the sale, the chief financial officer now directly owns 18,000 shares of the company’s stock, valued at $1,171,620. This represents a 62.50 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Ashok Mishra sold 48,650 shares of the firm’s 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 completion of the transaction, the chief operating officer now directly owns 60,000 shares of the company’s stock, valued at $3,904,200. This represents a 44.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 275,427 shares of company stock worth $17,790,794 over the last ninety days. Corporate insiders own 15.23% of the company’s stock.

Institutional Trading of Innodata

Several hedge funds have recently modified their holdings of the stock. Headlands Technologies LLC purchased a new stake in Innodata during the 1st quarter worth about $90,000. Charles Schwab Investment Management Inc. grew its position in shares of Innodata by 2.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 77,863 shares of the technology company’s stock worth $2,795,000 after buying an additional 1,852 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Innodata by 7.4% during the first quarter. Vanguard Group Inc. now owns 1,760,354 shares of the technology company’s stock worth $63,197,000 after buying an additional 120,630 shares during the period. Atria Wealth Solutions Inc. acquired a new stake in Innodata in the first quarter valued at approximately $330,000. Finally, Blueshift Asset Management LLC purchased a new position in Innodata in the first quarter worth approximately $605,000. 30.75% of the stock is currently owned by institutional investors and hedge funds.

Innodata Stock Down 15.8 %

The firm’s fifty day simple moving average is $38.73 and its 200 day simple moving average is $39.73. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.15. The company has a market cap of $1.10 billion, a price-to-earnings ratio of 40.73 and a beta of 2.75.

Innodata (NASDAQ:INOD) last issued its earnings results on Thursday, May 8th. The technology company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.05. Innodata had a net margin of 16.81% and a return on equity of 66.36%. The firm had revenue of $58.34 million during the quarter, compared to the consensus estimate of $57.64 million. The company’s revenue was up 120.1% on a year-over-year basis. Sell-side analysts predict that Innodata Inc. will post 0.81 earnings per share for the current year.

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.