Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price55.41 USD
Fair value87.14
Ethical score70.0/100
Our investment reviews on this name
2026-09-02Read Markdown59.23-6.4% to today ✓
2026-08-02Read Distribution60.81-8.9% to today ✓
2026-07-02Read Markup100.90-45.1% to today
Our analytic regime reads on this name, dated and marked against today's price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Innodata Inc. holds its Markdown at $55.41. The statistical read favours the sellers, held for 12 days.
As held on the ledger · 2026-09-16
Phase
Markdown · caution
Quantitative state
The statistical read favours the sellers, held for 12 days
Price at the screen
$55.41
Valuation
42.95 trailing · 26.54 forward price to earnings
Values screen
FAIL· score 70.0
Beta
2.88
The Workings
Five Screens, Shown in Full
Does not pass. Accounts receivable
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
2.63%
Below 33%
Interest-bearing debt is just 2.6% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
76.36%
Below 49%
Money owed to the company is 76.4% of assets, above the 49% limit.
Fail
Revenue purity
0.62%
Below 5%
Only 0.6% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-09-16 screen. The gold marker is the market price at the same screen. A 57.3% margin of safety to the base estimate.
Third-party analyst targets: 4 covering, consensus None. The average target sits +117% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-16 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Data engineering growth masks an empty opportunity
Every time a law firm or research house drowns in documents that need sorting, Innodata steps in to clean and structure the information across borders. Revenue is rising 54 percent, return on equity sits at 39 percent, and margins have reached 14 percent, yet the opportunity rating remains none despite a stated margin of safety.
The forward multiple of 30 times earnings already prices in continued expansion, and four analysts see further upside to a 120 dollar median target. Our fair value sits well below that level, so the gap offers no real entry point once the numbers are stress-tested.
High growth can fade quickly in this field when larger platforms build their own tools or clients bring work in-house. An unknown moat leaves the business exposed if either happens. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; it already moves more than the market on an average day; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
INOD trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-09-02Markdown · changed$59.23-2.6%Entry 5
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 2.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B. Technically it is momentum reading overbought. Over the past year the shares are up 131%. Our forward projection puts the odds of a 10% gain over the next month near 45%. The street (4 analysts) rates it none, with a mean price target of $100.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 39.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B. Technically it is momentum reading overbought. Over the past year the shares are up 131%. Our forward projection puts the odds of a 10% gain over the next month near 45%. The street (4 analysts) rates it none, with a mean price target of $100.
2026-07-18Markup$100.90+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B. Technically it is momentum reading overbought. Over the past year the shares are up 131%. Our forward projection puts the odds of a 10% gain over the next month near 45%. The street (4 analysts) rates it none, with a mean price target of $100.
2026-07-03Markup$100.90+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$100.90Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
