Innodata Inc. (NASDAQ:INOD – Get Free Report) shares shot up 7.6% during mid-day trading on Thursday. The company traded as high as $69.62 and last traded at $70.7620. 640,074 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 1,501,046 shares. The stock had previously closed at $65.76.
Analysts Set New Price Targets
Several research analysts have weighed in on the stock. Wedbush increased their price target on shares of Innodata from $100.00 to $120.00 and gave the stock an “outperform” rating in a research report on Thursday, June 4th. Weiss Ratings lowered Innodata from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, July 31st. Zacks Research cut Innodata from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 11th. Finally, BWS Financial reiterated a “top pick” rating and set a $140.00 target price on shares of Innodata in a research report on Friday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $130.00.
View Our Latest Report on Innodata
Innodata Stock Performance
Innodata (NASDAQ:INOD – Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The technology company reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.20. The business had revenue of $92.14 million for the quarter, compared to analysts’ expectations of $86.31 million. Innodata had a return on equity of 37.79% and a net margin of 14.66%.The business’s quarterly revenue was up 57.8% on a year-over-year basis. During the same period last year, the firm earned $0.20 earnings per share. Sell-side analysts predict that Innodata Inc. will post 1.18 earnings per share for the current fiscal year.
Insider Activity at Innodata
In related news, Director Louise Forlenza sold 10,000 shares of the company’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $53.54, for a total transaction of $535,400.00. Following the completion of the transaction, the director owned 5,424 shares in the company, valued at approximately $290,400.96. This represents a 64.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 11.80% of the company’s stock.
Hedge Funds Weigh In On Innodata
Several institutional investors have recently added to or reduced their stakes in INOD. Dimensional Fund Advisors LP raised its holdings in shares of Innodata by 32.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 583,239 shares of the technology company’s stock worth $22,517,000 after acquiring an additional 142,192 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Innodata by 13.8% in the first 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 in the last quarter. Next Century Growth Investors LLC grew its holdings in shares of Innodata by 107.5% in the fourth quarter. Next Century Growth Investors LLC now owns 365,835 shares of the technology company’s stock valued at $18,639,000 after purchasing an additional 189,488 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Innodata in the second quarter worth $7,262,000. Finally, Royal Bank of Canada raised its stake in Innodata by 16.7% during the first quarter. Royal Bank of Canada now owns 169,054 shares of the technology company’s stock valued at $6,528,000 after purchasing an additional 24,216 shares in the last quarter. Hedge funds and other institutional investors own 30.75% of the company’s stock.
About Innodata
Innodata Inc is a global data engineering and artificial intelligence services company that helps organizations prepare, manage and use data for digital applications. Its services support the development and deployment of machine learning and generative artificial intelligence systems, including data collection, annotation, labeling, curation, evaluation and model testing.
The company also provides content transformation and information management services. These offerings can include converting and structuring complex content, improving data quality, automating business processes and developing customized data workflows.
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