Innodata (NASDAQ:INOD) Trading Down 6.2% – Here’s What Happened

Innodata Inc. (NASDAQ:INOD)’s share price dropped 6.2% during mid-day trading on Thursday . The company traded as low as $48.40 and last traded at $50.47. Approximately 390,155 shares were traded during trading, a decline of 82% from the average daily volume of 2,118,790 shares. The stock had previously closed at $53.80.

Wall Street Analyst Weigh In

INOD has been the subject of a number of recent analyst reports. Chardan Capital reiterated a “buy” rating and set a $45.00 target price on shares of Innodata in a research report on Friday, December 13th. Maxim Group raised their price objective on shares of Innodata from $54.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Wedbush assumed coverage on shares of Innodata in a research report on Thursday, December 19th. They issued an “outperform” rating and a $48.00 price objective for the company. BWS Financial raised their price objective on shares of Innodata from $45.00 to $74.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Finally, StockNews.com upgraded shares of Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. 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.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Innodata Stock Performance

The firm’s 50-day moving average price is $44.06 and its 200 day moving average price is $32.66. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.84 and a current ratio of 1.84. The company has a market cap of $1.48 billion, a price-to-earnings ratio of 55.59 and a beta of 2.59.

Innodata (NASDAQ:INOD) last released its quarterly earnings data on Thursday, February 20th. The technology company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.20. Innodata had a net margin of 16.81% and a return on equity of 66.36%. The business had revenue of $59.18 million for the quarter, compared to analyst estimates of $53.01 million. On average, sell-side analysts anticipate that Innodata Inc. will post 0.81 EPS for the current year.

Insider Buying and Selling

In related news, CFO Marissa B. Espineli sold 30,000 shares of Innodata 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 transaction, the chief financial officer now owns 18,000 shares of the company’s stock, valued at $1,171,620. This trade represents a 62.50 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Nauman Sabeeh Toor sold 196,777 shares of Innodata stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $64.40, for a total transaction of $12,672,438.80. Following the completion of the transaction, the director now directly owns 12,417 shares in the company, valued at approximately $799,654.80. The trade was a 94.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 385,634 shares of company stock valued at $22,639,902 in the last 90 days. 15.23% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Invesco Ltd. lifted its stake in Innodata by 2.0% in the fourth quarter. Invesco Ltd. now owns 11,781 shares of the technology company’s stock valued at $466,000 after buying an additional 232 shares in the last quarter. NewEdge Advisors LLC lifted its stake in Innodata by 2.7% in the fourth quarter. NewEdge Advisors LLC now owns 11,300 shares of the technology company’s stock valued at $447,000 after buying an additional 300 shares in the last quarter. AlphaQuest LLC lifted its stake in Innodata by 79.4% in the fourth quarter. AlphaQuest LLC now owns 1,030 shares of the technology company’s stock valued at $41,000 after buying an additional 456 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Innodata by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,374 shares of the technology company’s stock valued at $608,000 after buying an additional 533 shares in the last quarter. Finally, Allworth Financial LP bought a new position in Innodata in the fourth quarter valued at approximately $29,000. Institutional investors own 30.75% of the company’s stock.

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.