Innodata (NASDAQ:INOD) Shares Gap Down - Here's Why

Innodata Inc. (NASDAQ:INOD - Get Free Report)'s share price gapped down before the market opened 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 trading hands.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Chardan Capital reaffirmed a "buy" rating and issued a $45.00 price objective on shares of Innodata in a research note on Friday, December 13th. BWS Financial boosted their price objective on Innodata from $45.00 to $74.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Maxim Group boosted their target price on shares of Innodata from $54.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, February 21st. Finally, Wedbush began coverage on Innodata in a research note on Thursday, December 19th. They set an "outperform" rating and a $48.00 price target on the stock. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, Innodata currently has a consensus rating of "Moderate Buy" and an average price target of $53.00.

Innodata Stock Performance

The stock has a 50 day simple moving average of $44.93 and a two-hundred day simple moving average of $37.03. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of 43.64 and a beta of 2.66. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.84 and a quick ratio of 1.84.

Innodata (NASDAQ:INOD - Get Free Report) last released its earnings results on Thursday, February 20th. The technology company reported $0.31 EPS 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 company had revenue of $59.18 million during the quarter, compared to analysts' expectations of $53.01 million. As a group, analysts anticipate that Innodata Inc. will post 0.81 earnings per share for the current year.

Insider Buying and Selling

In other Innodata news, COO Ashok Mishra sold 48,650 shares of Innodata stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $65.07, for a total value 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. The trade was a 44.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Marissa B. Espineli sold 30,000 shares of the business'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 owns 18,000 shares in the company, valued at $1,171,620. This represents a 62.50 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 275,427 shares of company stock valued at $17,790,794. 15.23% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Innodata

Several institutional investors have recently made changes to their positions in INOD. D. E. Shaw & Co. Inc. lifted its holdings in shares of Innodata by 1,718.4% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 944,611 shares of the technology company's stock worth $37,331,000 after buying an additional 892,663 shares during the last quarter. Driehaus Capital Management LLC bought a new stake in Innodata during the fourth quarter worth about $16,713,000. JPMorgan Chase & Co. raised its position in Innodata by 2,038.4% in the 4th quarter. JPMorgan Chase & Co. now owns 308,095 shares of the technology company's stock valued at $12,176,000 after purchasing an additional 293,687 shares during the last quarter. Wellington Management Group LLP bought a new stake in Innodata during the 4th quarter worth about $11,283,000. Finally, Ameriprise Financial Inc. increased its holdings in shares of Innodata by 322.9% in the fourth quarter. Ameriprise Financial Inc. now owns 318,096 shares of the technology company's stock valued at $13,649,000 after purchasing an additional 242,871 shares in the last quarter. 30.75% of the stock is currently 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.