Innodata (NASDAQ:INOD) Shares Up 9.3% – What’s Next?

Innodata Inc. (NASDAQ:INOD)’s share price shot up 9.3% during trading on Wednesday. The company traded as high as $58.48 and last traded at $60.1640. 265,343 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 1,474,892 shares. The stock had previously closed at $55.04.

Analyst Ratings Changes

Several equities research analysts have recently commented on INOD shares. Yorkville Ives assumed coverage on Innodata in a report on Monday, October 5th. They set an “outperform” rating and a $90.00 price objective for the company. BWS Financial reiterated a “top pick” rating and issued a $140.00 target price on shares of Innodata in a report on Friday, September 18th. Weiss Ratings downgraded shares of Innodata from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, July 31st. Finally, Zacks Research lowered shares of Innodata from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Innodata currently has an average rating of “Moderate Buy” and an average price target of $116.67.

Innodata Stock Performance

The firm has a market cap of $2.05 billion, a P/E ratio of 45.88 and a beta of 2.98. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.06. The company’s 50-day moving average is $60.18 and its two-hundred day moving average is $67.91.

Innodata (NASDAQ:INOD) last issued its quarterly earnings data on Thursday, August 6th. The technology company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.20. The firm had revenue of $92.14 million during the quarter, compared to analyst estimates of $86.31 million. Innodata had a return on equity of 37.79% and a net margin of 14.66%. The company’s revenue for the quarter was up 57.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.20 EPS. As a group, equities analysts predict that Innodata Inc. will post 1.35 EPS for the current fiscal year.

Insider Transactions at Innodata

In related news, Director Louise Forlenza sold 10,000 shares of the stock in a transaction on Monday, September 14th. The stock was sold at an average price of $53.54, for a total value of $535,400.00. Following the completion of the sale, the director directly owned 5,424 shares of the company’s stock, valued at approximately $290,400.96. This represents a 64.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 11.80% of the company’s stock.

Hedge Funds Weigh In On Innodata

Hedge funds have recently bought and sold shares of the company. Wedbush Securities Inc. purchased a new stake in shares of Innodata in the third quarter valued at about $204,000. Sterling Capital Management LLC lifted its position in shares of Innodata by 846.4% during the third quarter. Sterling Capital Management LLC now owns 1,060 shares of the technology company’s stock valued at $70,000 after purchasing an additional 948 shares in the last quarter. Oakmont Investment Advisors Inc. purchased a new position in Innodata during the third quarter worth about $329,000. Nisa Investment Advisors LLC boosted its holdings in Innodata by 23.1% during the third quarter. Nisa Investment Advisors LLC now owns 2,300 shares of the technology company’s stock worth $151,000 after purchasing an additional 431 shares during the last quarter. Finally, AMI Asset Management Corp boosted its holdings in Innodata by 80.3% during the third quarter. AMI Asset Management Corp now owns 9,294 shares of the technology company’s stock worth $611,000 after purchasing an additional 4,138 shares during the last quarter. 30.75% of the stock is owned by hedge funds and other institutional investors.

Innodata Company Profile

Innodata Inc (NASDAQ: INOD) is a global data engineering and technology company that helps organizations prepare, manage and use information for digital transformation and artificial intelligence initiatives. Its services are designed to support the development, training, evaluation and deployment of AI and machine-learning systems.

The company provides data annotation and labeling, data collection and preparation, content transformation, document processing, natural-language services, and generative AI support.