Innodata Inc. (NASDAQ:INOD) Executive Vice President and Chief Operating Officer Ashok Mishra recently sold shares of the company, according to a filing with the Securities and Exchange Commission. The sale comes as the stock has delivered an impressive 452% return over the past year, with InvestingPro data showing the company maintains a "GREAT" overall financial health score. On December 2, Mishra sold 1,500 shares of Innodata's common stock at a weighted average price of $45.04 per share, totaling approximately $67,560.
The sale was part of Mishra's personal financial planning, including retirement planning and portfolio diversification. Prior to the sale, Mishra exercised stock options to acquire 1,500 shares at $1.42 per share, reflecting a transaction value of $2,130. Following these transactions, Mishra no longer holds any of the sold shares.
In other recent news, Innodata has reported a record Q3 revenue of $52 million, a significant 136% increase from the previous year. The company's adjusted EBITDA stood at $13.9 million, representing 27% of the revenue. A substantial $30.6 million of the revenue came from a single Big Tech customer, demonstrating the company's strong client relationships. Innodata also raised its full-year 2024 revenue guidance to $52-$55 million, indicating an anticipated growth of 88%-92%.
The company also announced its plans to continue its strong business momentum into Q4 and the year 2025. Innodata is focusing on generative AI and data engineering services for Big Tech firms and plans to expand relationships with seven significant clients. The company also aims to increase federal government engagements, although significant contributions from these engagements are not expected until after 2025.
As part of their strategic plans, Innodata has made key hires, including a high-level Ph.D. in AI, to bolster innovation. The company also received SEC approval for a $50 million securities offering, although there are currently no immediate fundraising plans. These recent developments indicate Innodata's continued growth in the tech industry.
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