Innodata (NASDAQ:INOD) Trading 9.3% Higher – Here’s What Happened

Innodata Inc. (NASDAQ:INOD)’s share price traded up 9.3% on Wednesday . The stock traded as high as $65.00 and last traded at $63.54. 1,422,114 shares traded hands during mid-day trading, a decline of 30% from the average session volume of 2,031,372 shares. The stock had previously closed at $58.11.

Wall Street Analysts Forecast Growth

INOD has been the subject of several recent analyst reports. Wedbush initiated coverage on Innodata in a research report on Thursday, December 19th. They issued an “outperform” rating and a $48.00 target price for the company. BWS Financial upped their price target on shares of Innodata from $45.00 to $74.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. StockNews.com upgraded Innodata from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Maxim Group raised their price objective on shares of Innodata from $54.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Finally, Chardan Capital reissued a “buy” rating and issued a $45.00 target price on shares of Innodata in a research report on Friday, December 13th. 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 stock presently has an average rating of “Moderate Buy” and an average target price of $53.00.

Innodata Stock Up 11.6 %

The business has a 50-day simple moving average of $42.44 and a 200-day simple moving average of $30.91. 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 market cap of $1.88 billion, a P/E ratio of 76.31 and a beta of 2.57.

Innodata (NASDAQ:INOD) last posted its quarterly earnings results on Thursday, February 20th. The technology company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.20. Innodata had a net margin of 16.81% and a return on equity of 66.36%. The company had revenue of $59.18 million for the quarter, compared to analyst estimates of $53.01 million. Analysts expect that Innodata Inc. will post 0.81 EPS for the current year.

Insider Activity

In related news, Director Nauman Sabeeh Toor sold 200,000 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $45.37, for a total value of $9,074,000.00. Following the sale, the director now owns 319,401 shares of the company’s stock, valued at $14,491,223.37. The trade was a 38.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Ashok Mishra sold 58,500 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $44.97, for a total transaction of $2,630,745.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 368,707 shares of company stock worth $16,553,853. Company insiders own 15.23% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Invesco Ltd. raised its stake in shares of Innodata by 2.0% during the fourth quarter. Invesco Ltd. now owns 11,781 shares of the technology company’s stock worth $466,000 after buying an additional 232 shares during the last quarter. NewEdge Advisors LLC lifted its stake in Innodata by 2.7% in the 4th 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 in the last quarter. AlphaQuest LLC lifted its position in Innodata by 79.4% during the 4th quarter. AlphaQuest LLC now owns 1,030 shares of the technology company’s stock worth $41,000 after buying an additional 456 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of 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 purchasing an additional 533 shares in the last quarter. Finally, Allworth Financial LP acquired a new stake in Innodata in the 4th quarter valued at about $29,000. 30.75% of the stock is owned by institutional investors.

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.