Innodata (NASDAQ:INOD) Reaches New 52-Week High - What's Next?

Key Points

• Innodata Inc. reached a new 52-week high, trading at $81.06, with 232,435 shares exchanged, up from its previous close of $77.07.
• The company reported a quarterly earnings per share of $0.20, surpassing estimates of $0.11, alongside a 79.7% increase in revenue compared to the previous year.
• Institutional holdings in Innodata have significantly increased, with various hedge funds raising their positions, indicating strong investor interest in the company.

Innodata Inc. (NASDAQ:INOD - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $78.85 and last traded at $81.06, with a volume of 232435 shares traded. The stock had previously closed at $77.07.

Analyst Ratings Changes

Separately, BWS Financial reissued a "buy" rating and issued a $74.00 price target on shares of Innodata in a research note on Monday, June 16th. Four research analysts have rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $63.00.

Innodata Stock Up 6.2%

The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of 66.04 and a beta of 2.58. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 0.09. The firm has a 50 day moving average price of $50.51 and a two-hundred day moving average price of $44.52.

Innodata (NASDAQ:INOD - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The technology company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.09. The business had revenue of $58.39 million for the quarter, compared to analyst estimates of $56.35 million. Innodata had a return on equity of 54.27% and a net margin of 18.71%.Innodata's quarterly revenue was up 79.7% compared to the same quarter last year. On average, equities analysts expect that Innodata Inc. will post 0.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Innodata

Several hedge funds and other institutional investors have recently modified their holdings of INOD. State of Wyoming lifted its position in Innodata by 38.3% during the 2nd quarter. State of Wyoming now owns 4,334 shares of the technology company's stock worth $222,000 after acquiring an additional 1,200 shares in the last quarter. Nomura Holdings Inc. acquired a new position in Innodata during the 2nd quarter worth approximately $253,000. FORA Capital LLC acquired a new position in Innodata during the 2nd quarter worth approximately $797,000. Headlands Technologies LLC lifted its position in Innodata by 460.3% during the 2nd quarter. Headlands Technologies LLC now owns 14,080 shares of the technology company's stock worth $721,000 after acquiring an additional 11,567 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in Innodata by 108.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,776 shares of the technology company's stock worth $296,000 after acquiring an additional 3,005 shares in the last quarter. 30.75% of the stock is owned by institutional investors and hedge funds.

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.

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