Innodata (NASDAQ:INOD) Stock Price Up 9.3% – Here’s Why

Innodata Inc. (NASDAQ:INOD)’s share price shot up 9.3% during mid-day trading on Wednesday . The company traded as high as $65.00 and last traded at $63.54. 1,422,114 shares were traded 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.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on INOD. BWS Financial increased their target price on shares of Innodata from $45.00 to $74.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Chardan Capital reissued a “buy” rating and set a $45.00 target price on shares of Innodata in a research report on Friday, December 13th. StockNews.com raised Innodata from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Maxim Group upped their price objective on shares of Innodata from $54.00 to $75.00 and gave the company a “buy” rating in a report on Friday, February 21st. Finally, Wedbush began coverage on Innodata in a research note on Thursday, December 19th. They issued an “outperform” rating and a $48.00 price objective for the company. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $53.00.

Innodata Stock Performance

The business has a fifty day moving average of $42.44 and a 200 day 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 company 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 released its quarterly earnings data on Thursday, February 20th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.20. The business had revenue of $59.18 million for the quarter, compared to analysts’ expectations of $53.01 million. Innodata had a return on equity of 66.36% and a net margin of 16.81%. On average, equities analysts predict that Innodata Inc. will post 0.81 EPS for the current year.

Insiders Place Their Bets

In other news, Director Nauman Sabeeh Toor sold 110,207 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $44.00, for a total value of $4,849,108.00. Following the sale, the director now directly owns 209,194 shares in the company, valued at approximately $9,204,536. This represents a 34.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Ashok Mishra sold 58,500 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $44.97, for a total value of $2,630,745.00. The disclosure for this sale can be found here. Insiders sold 368,707 shares of company stock worth $16,553,853 in the last three months. 15.23% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in INOD. Palisades Investment Partners LLC grew its stake in Innodata by 6.1% in the 4th quarter. Palisades Investment Partners LLC now owns 368,651 shares of the technology company’s stock worth $14,569,000 after acquiring an additional 21,093 shares in the last quarter. Two Sigma Investments LP bought a new stake in Innodata during the 4th quarter valued at $5,282,000. State of Wyoming purchased a new position in shares of Innodata in the 4th quarter valued at $250,000. ProShare Advisors LLC bought a new position in shares of Innodata in the 4th quarter worth $301,000. Finally, Nuveen Asset Management LLC lifted its stake in shares of Innodata by 20.6% during the 4th quarter. Nuveen Asset Management LLC now owns 312,639 shares of the technology company’s stock worth $12,355,000 after purchasing an additional 53,376 shares during the last quarter. Hedge funds and other institutional investors own 30.75% of the company’s stock.

About Innodata

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.