Innodata (NASDAQ:INOD) Trading 8.3% Higher – Here’s Why

Innodata Inc. (NASDAQ:INOD) shares were up 8.3% during trading on Monday . The company traded as high as $54.36 and last traded at $55.7540. Approximately 159,632 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 2,139,653 shares. The stock had previously closed at $51.46.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on INOD. BWS Financial reissued a “buy” rating and set a $110.00 price target on shares of Innodata in a report on Tuesday, November 11th. Weiss Ratings cut Innodata from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. Wedbush upped their price target on shares of Innodata from $75.00 to $90.00 and gave the company an “outperform” rating in a research note on Wednesday, October 15th. Finally, Zacks Research raised shares of Innodata from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $80.00.

Innodata Stock Up 2.7%

The firm’s fifty day moving average is $71.84 and its 200-day moving average is $54.37. The company has a market capitalization of $1.82 billion, a P/E ratio of 46.10 and a beta of 2.90. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.87 and a current ratio of 2.87.

Innodata (NASDAQ:INOD) last issued its earnings results on Thursday, November 6th. The technology company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The firm had revenue of $62.55 million for the quarter, compared to analyst estimates of $59.78 million. Innodata had a net margin of 18.71% and a return on equity of 54.27%. The company’s quarterly revenue was up 19.8% compared to the same quarter last year. As a group, equities research analysts predict that Innodata Inc. will post 0.81 EPS for the current year.

Insiders Place Their Bets

In other Innodata news, COO Ashok Mishra sold 200,000 shares of the stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $61.39, for a total transaction of $12,278,000.00. Following the completion of the sale, the chief operating officer owned 60,000 shares of the company’s stock, valued at approximately $3,683,400. This represents a 76.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Louise C. Forlenza sold 8,278 shares of the firm’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $65.00, for a total transaction of $538,070.00. Following the transaction, the director owned 3,943 shares of the company’s stock, valued at approximately $256,295. The trade was a 67.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 236,372 shares of company stock valued at $14,572,507 over the last 90 days. 12.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Innodata

Several large investors have recently modified their holdings of the company. Global Retirement Partners LLC acquired a new position in Innodata in the third quarter valued at $50,000. Goodman Advisory Group LLC acquired a new position in shares of Innodata in the 3rd quarter valued at about $52,000. Farther Finance Advisors LLC acquired a new position in shares of Innodata in the 2nd quarter valued at about $36,000. Hollencrest Capital Management bought a new stake in shares of Innodata during the 3rd quarter valued at about $60,000. Finally, Silver Oak Securities Incorporated acquired a new stake in Innodata during the third quarter worth approximately $60,000. 30.75% of the stock is currently owned by institutional investors and hedge funds.

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.