Innodata (NASDAQ:INOD) Reaches New 12-Month High After Earnings Beat

Innodata Inc. (NASDAQ:INOD) shares hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $62.32 and last traded at $59.52, with a volume of 3240734 shares changing hands. The stock had previously closed at $58.09.

The technology company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.20. The firm had revenue of $59.18 million during the quarter, compared to analysts’ expectations of $53.01 million. Innodata had a net margin of 14.57% and a return on equity of 44.38%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. BWS Financial lifted their price target on Innodata from $45.00 to $74.00 and gave the stock a “buy” rating in a report on Friday. StockNews.com upgraded Innodata from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Chardan Capital reiterated a “buy” rating and issued a $45.00 price objective on shares of Innodata in a research report on Friday, December 13th. Maxim Group upped their target price on shares of Innodata from $54.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Wedbush started coverage on shares of Innodata in a research report on Thursday, December 19th. They issued an “outperform” rating and a $48.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Insider Activity at Innodata

In other Innodata news, CEO Jack Abuhoff sold 187,099 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $46.07, for a total value of $8,619,650.93. Following the completion of the sale, the chief executive officer now owns 1,188,358 shares of the company’s stock, valued at $54,747,653.06. This trade represents a 13.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Nauman Sabeeh Toor sold 200,000 shares of Innodata stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $45.37, for a total transaction of $9,074,000.00. Following the sale, the director now directly owns 319,401 shares of the company’s stock, valued at $14,491,223.37. This represents a 38.51 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 559,806 shares of company stock worth $25,353,904. 15.23% of the stock is owned by company insiders.

Institutional Investors Weigh In On Innodata

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INOD. Invesco Ltd. grew its position in shares of Innodata by 2.0% in the fourth quarter. Invesco Ltd. now owns 11,781 shares of the technology company’s stock valued at $466,000 after purchasing an additional 232 shares during the period. NewEdge Advisors LLC increased its position in shares of Innodata by 2.7% during the fourth quarter. NewEdge Advisors LLC now owns 11,300 shares of the technology company’s stock valued at $447,000 after acquiring an additional 300 shares during the last quarter. AlphaQuest LLC raised its position in Innodata by 79.4% in the fourth quarter. AlphaQuest LLC now owns 1,030 shares of the technology company’s stock valued at $41,000 after purchasing an additional 456 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Innodata by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,374 shares of the technology company’s stock worth $608,000 after acquiring an additional 533 shares in the last quarter. Finally, Allworth Financial LP acquired a new position in shares of Innodata in the fourth quarter valued at approximately $29,000. 30.75% of the stock is owned by institutional investors and hedge funds.

Innodata Stock Performance

The stock has a market capitalization of $1.79 billion, a PE ratio of 104.90 and a beta of 2.57. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.15. The stock has a fifty day moving average of $41.05 and a 200-day moving average of $29.81.

Innodata Company Profile

Innodata Inc operates as a global data engineering company in the United States, the United Kingdom, the Netherlands, Canada, and internationally. The company operates through three segments: Digital Data Solutions (DDS), Synodex, and Agility. The DDS segment engages in the provision of artificial intelligence (AI) data preparation services; collecting or creating training data; annotating training data; and training AI algorithms for its customers, as well as AI model deployment and integration services.