RIDGEFIELD PARK, N.J.—Ashok Mishra, Executive Vice President and Chief Operating Officer of Innodata Inc. (NASDAQ:INOD), a company whose stock has surged over 535% in the past year and currently maintains a market capitalization of $1.3 billion, recently executed a significant stock sale. According to a regulatory filing, Mishra sold 58,500 shares of Innodata common stock on December 4, generating proceeds of approximately $2.63 million. The shares were sold at an average price of $44.97, with prices ranging from $44.53 to $45.27. According to InvestingPro analysis, the stock currently appears overvalued relative to its Fair Value, with the company receiving a "GREAT" overall financial health score.
In a related transaction, Mishra exercised stock options to acquire 58,500 shares at a price of $1.42 per share, totaling $83,070. Following the sale, Mishra no longer holds any shares directly, as per the filing. The transactions were part of Mishra's personal investment and financial planning strategy, including retirement planning and portfolio diversification. InvestingPro subscribers can access 20+ additional investment tips and comprehensive analysis through the Pro Research Report, helping investors make more informed decisions about INOD's current valuation and growth prospects.
In other recent news, Innodata reported a record Q3 revenue of $52 million, marking a 136% increase from the previous year. The company's adjusted EBITDA stood at $13.9 million, which is 27% of the revenue. A significant growth driver was a $30.6 million revenue contribution from a single Big Tech customer, and the company also highlighted expanded federal government engagements. Innodata raised its full-year 2024 revenue guidance to $52-$55 million, indicating an 88%-92% growth. The company's cash reserves have increased to $26.4 million, up $10 million from the previous quarter. Innodata received SEC approval for a $50 million securities offering, but it has no immediate fundraising plans. The company also made strategic hires, including a high-level Ph.D. in AI, to bolster innovation. These recent developments reflect Innodata's robust business momentum heading into the fourth quarter and the upcoming year.
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