Innodata (NASDAQ:INOD) Shares Gap Down Following Insider Selling

Innodata Inc. (NASDAQ:INOD) shares gapped down prior to trading on Tuesday following insider selling activity. The stock had previously closed at $45.39, but opened at $42.16. Innodata shares last traded at $43.35, with a volume of 591,520 shares traded.

Specifically, CEO Jack Abuhoff sold 187,099 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $46.07, for a total transaction of $8,619,650.93. Following the completion of the sale, the chief executive officer now directly owns 1,188,358 shares of the company’s stock, valued at approximately $54,747,653.06. This represents a 13.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Louise C. Forlenza sold 4,000 shares of Innodata stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $45.10, for a total transaction of $180,400.00. Following the completion of the transaction, the director now directly owns 8,278 shares in the company, valued at approximately $373,337.80. The trade was a 32.58 % decrease in their position. The disclosure for this sale can be found here. In related news, CFO Marissa B. Espineli sold 38,333 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $47.17, for a total transaction of $1,808,167.61. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. StockNews.com raised shares of Innodata from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Craig Hallum began coverage on Innodata in a research report on Tuesday, September 17th. They set a “buy” rating and a $23.00 price objective for the company. Finally, BWS Financial lifted their target price on Innodata from $30.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $32.67.

Innodata Stock Down 11.1 %

The firm’s 50 day simple moving average is $24.35 and its 200-day simple moving average is $18.79. 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 stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of 68.42 and a beta of 2.30.

Institutional Trading of Innodata

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. bought a new position in Innodata in the third quarter valued at approximately $311,000. Los Angeles Capital Management LLC acquired a new stake in shares of Innodata in the 3rd quarter valued at approximately $330,000. Vanguard Group Inc. grew its stake in shares of Innodata by 2.0% in the first quarter. Vanguard Group Inc. now owns 1,460,430 shares of the technology company’s stock valued at $9,639,000 after buying an additional 28,173 shares in the last quarter. Rathbones Group PLC bought a new stake in Innodata during the second quarter worth $916,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in 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 acquiring an additional 982 shares during the last quarter. Institutional investors and hedge funds own 30.75% of the company’s stock.

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.