Innodata Inc. (NASDAQ:INOD) Short Interest Up 10.7% in August

Innodata Inc. (NASDAQ:INOD) was the target of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 3,610,000 shares, an increase of 10.7% from the August 15th total of 3,260,000 shares. Based on an average daily trading volume, of 557,500 shares, the short-interest ratio is presently 6.5 days.

Innodata Stock Performance

Shares of NASDAQ INOD traded down $0.52 during mid-day trading on Wednesday, hitting $14.25. The company had a trading volume of 244,284 shares, compared to its average volume of 626,700. Innodata has a 12 month low of $5.46 and a 12 month high of $21.58. The firm has a market cap of $409.73 million, a P/E ratio of 246.17 and a beta of 2.32. The business’s 50-day simple moving average is $17.27 and its 200-day simple moving average is $12.58. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.45 and a quick ratio of 1.45.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on INOD. StockNews.com lowered shares of Innodata from a “hold” rating to a “sell” rating in a research report on Monday, August 12th. Craig Hallum began coverage on Innodata in a research report on Tuesday. They set a “buy” rating and a $23.00 price objective for the company. Maxim Group initiated coverage on Innodata in a research report on Monday, July 15th. They issued a “buy” rating and a $30.00 price target on the stock. Finally, BWS Financial increased their price objective on Innodata from $24.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 9th. One research analyst has rated the stock with a sell rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $27.67.

Institutional Trading of Innodata

Hedge funds have recently modified their holdings of the company. Deerfield Management Company L.P. Series C increased its position in shares of Innodata by 309.5% during the second quarter. Deerfield Management Company L.P. Series C now owns 111,814 shares of the technology company’s stock valued at $1,658,000 after purchasing an additional 84,509 shares during the period. Squarepoint Ops LLC bought a new stake in Innodata in the 2nd quarter valued at $381,000. Marshall Wace LLP raised its stake in shares of Innodata by 83.9% in the 2nd quarter. Marshall Wace LLP now owns 85,395 shares of the technology company’s stock valued at $1,266,000 after buying an additional 38,954 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Innodata during the 2nd quarter worth about $285,000. Finally, Rathbones Group PLC bought a new position in shares of Innodata during the 2nd quarter worth about $916,000. Institutional investors 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.