Innodata (NASDAQ:INOD) Shares Up 6.2% – What’s Next?

Innodata Inc. (NASDAQ:INOD)’s share price was up 6.2% during mid-day trading on Wednesday. The company traded as high as $45.18 and last traded at $47.5350. 971,582 shares were traded during trading, a decline of 36% from the average session volume of 1,507,928 shares. The stock had previously closed at $44.74.

Analyst Upgrades and Downgrades

INOD has been the subject of several recent analyst reports. Zacks Research downgraded Innodata from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 11th. Yorkville Ives began coverage on shares of Innodata in a report on Monday, October 5th. They set an “outperform” rating and a $90.00 target price on the stock. BWS Financial reaffirmed a “top pick” rating and set a $140.00 price target on shares of Innodata in a research report on Friday, September 18th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Innodata in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Innodata has an average rating of “Moderate Buy” and a consensus target price of $116.67.

Innodata Stock Down 3.1%

The stock has a market cap of $1.59 billion, a P/E ratio of 36.10 and a beta of 2.98. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.73 and a current ratio of 1.73. The stock’s fifty day simple moving average is $59.17 and its 200-day simple moving average is $61.67.

Innodata (NASDAQ:INOD) last released its earnings results on Thursday, August 6th. The technology company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.20. Innodata had a return on equity of 37.79% and a net margin of 14.66%. The firm had revenue of $92.14 million during the quarter, compared to analysts’ expectations of $86.31 million. During the same period in the prior year, the company earned $0.20 earnings per share. The company’s quarterly revenue was up 57.8% on a year-over-year basis. As a group, research analysts forecast that Innodata Inc. will post 1.32 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Louise Forlenza sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $53.54, for a total value of $535,400.00. Following the transaction, the director owned 5,424 shares in the company, valued at approximately $290,400.96. The trade was a 64.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 11.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Innodata

A number of institutional investors and hedge funds have recently made changes to their positions in INOD. Dimensional Fund Advisors LP raised its holdings in Innodata by 32.2% during the first quarter. Dimensional Fund Advisors LP now owns 583,239 shares of the technology company’s stock worth $22,517,000 after buying an additional 142,192 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Innodata by 13.8% during the 1st quarter. Janus Henderson Group PLC now owns 526,012 shares of the technology company’s stock valued at $20,315,000 after purchasing an additional 63,779 shares during the last quarter. Royal Bank of Canada increased its holdings in Innodata by 16.7% during the 1st quarter. Royal Bank of Canada now owns 169,054 shares of the technology company’s stock worth $6,528,000 after purchasing an additional 24,216 shares in the last quarter. Rathbones Group PLC raised its stake in shares of Innodata by 20.8% in the first quarter. Rathbones Group PLC now owns 144,247 shares of the technology company’s stock worth $5,571,000 after purchasing an additional 24,837 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Innodata by 156.3% in the first quarter. Bank of America Corp DE now owns 102,268 shares of the technology company’s stock worth $3,950,000 after purchasing an additional 62,361 shares during the last quarter. Institutional investors own 30.75% of the company’s stock.

About Innodata

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.