Innodata (INOD): Price Volatility, Drawdowns and Recoveries, 2023–2026
Prepared September 25, 2026; prices through the September 24 close. USD per share.INOD’s five completed major drawdowns in this comparison ranged from
39.7% to 64.5%, with
67–281 calendar days from peak to exceeding that peak again. The current cycle has fallen
58.5% at its worst and remains unrecovered.
Major selloffs and recoveries| Peak: date / price | Subsequent low: date / price | Peak-to-low decline | Days to low | First exceeded old peak: date / days from peak |
|---|
| Aug 30, 2023 / $15.36 | Apr 22, 2024 / $5.46 | −64.5% | 236 | Jun 6, 2024 / 281 |
| Jul 16, 2024 / $21.58 | Sep 20, 2024 / $13.02 | −39.7% | 66 | Oct 29, 2024 / 105 |
| Dec 9, 2024 / $55.17 | Jan 27, 2025 / $31.71 | −42.5% | 49 | Feb 14, 2025 / 67 |
| Feb 21, 2025 / $71.00 | Apr 7, 2025 / $26.41 | −62.8% | 45 | Sep 18, 2025 / 209 |
| Oct 8, 2025 / $93.85 | Mar 30, 2026 / $34.23 | −63.5% | 173 | May 11, 2026 / 215 |
| Jun 4, 2026 / $125.14 | Sep 14, 2026 / $51.97 | −58.5% | 102 | Not recovered; 112 days elapsed at cutoff |
Repeated pattern: low → rebound → lower low| Cycle | Initial low | Rebound high | Later lower low | Undercut of initial low |
|---|
| Dec 2024–Jan 2025 | $33.41 / Dec 18 | $46.69 / Jan 6 | $31.71 / Jan 27 | −5.1% |
| Dec 2025–Mar 2026 | $47.51 / Dec 18 | $66.93 / Jan 9 | $34.23 / Mar 30 | −28.0% |
| Jul–Sep 2026 | $54.36 / Jul 29 | $79.44 / Aug 7 | $51.97 / Sep 14 | −4.4% |
These are intraday extremes. The August 7 rebound briefly reached $79.44 but closed at $62.33. “Lower low” here means below an earlier low within the correction; September’s $51.97 remained above March’s $34.23.
Same elapsed time: 112 calendar days after each peak| Starting peak | Day-112 close: date / price | Below starting peak | Lowest subsequent price before old peak was exceeded |
|---|
| Feb 21, 2025 | Jun 13, 2025 / $39.19 | −44.8% | $36.25 / Sep 2: another 7.5% decline |
| Oct 8, 2025 | Jan 28, 2026 / $55.84 | −40.5% | $34.23 / Mar 30: another 38.7% decline |
| Jun 4, 2026 | Sep 24, 2026 / $71.87 | −42.6% | Unknown |
Both prior day-112 entries eventually preceded higher highs, but
both declined further first; one suffered substantial additional downside. Similar elapsed time and distance below a peak did not imply similar remaining risk.
Current position: $71.87 is
38.3% above the September low. Revisiting $125.14 would require
74.1% upside. That is conditional arithmetic, not a price target. The recurring pattern supports a recovery hypothesis; this small retrospective sample does not establish its probability or replace earnings and valuation analysis.
Method: Selected major cycles since August 2023. Peak/low figures use daily intraday highs/lows; recovery is the first subsequent session trading above the old peak, not necessarily closing above it. All durations are calendar days; the ongoing low is provisional. Drawdown = low ÷ peak − 1. Day-112 comparisons use closing prices, with subsequent downside measured to the later intraday low before recovery. Percentages recalculated from prices.