Innodata (NASDAQ:INOD) Sees Strong Trading Volume - Still a Buy?

Shares of Innodata Inc. (NASDAQ:INOD - Get Free Report) saw strong trading volume on Friday . 1,173,423 shares changed hands during mid-day trading, a decline of 14% from the previous session's volume of 1,357,419 shares.The stock last traded at $39.66 and had previously closed at $38.03.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Maxim Group upped their price objective on Innodata from $54.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, February 21st. Wedbush lowered their price objective on Innodata from $75.00 to $58.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Finally, BWS Financial upped their price objective on Innodata from $45.00 to $74.00 and gave the company a "buy" rating in a research note on Friday, February 21st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $55.00.

Innodata Stock Performance

The stock has a fifty day simple moving average of $36.33 and a 200-day simple moving average of $40.74. The stock has a market cap of $1.23 billion, a P/E ratio of 45.62 and a beta of 2.75. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.84 and a current ratio of 1.84.

Innodata (NASDAQ:INOD - Get Free Report) last released its earnings results on Thursday, May 8th. The technology company reported $0.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.05. The firm had revenue of $58.34 million during the quarter, compared to analysts' expectations of $57.64 million. Innodata had a return on equity of 66.36% and a net margin of 16.81%. The business's revenue for the quarter was up 120.1% on a year-over-year basis. On average, equities analysts expect that Innodata Inc. will post 0.81 earnings per share for the current year.

Hedge Funds Weigh In On Innodata

Several hedge funds have recently modified their holdings of INOD. D. E. Shaw & Co. Inc. grew its holdings in shares of Innodata by 1,718.4% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 944,611 shares of the technology company's stock valued at $37,331,000 after acquiring an additional 892,663 shares in the last quarter. Yong Rong HK Asset Management Ltd acquired a new stake in Innodata in the 1st quarter valued at about $28,548,000. Wellington Management Group LLP lifted its stake in Innodata by 177.8% in the 1st quarter. Wellington Management Group LLP now owns 793,041 shares of the technology company's stock valued at $28,470,000 after purchasing an additional 507,540 shares during the last quarter. Driehaus Capital Management LLC acquired a new stake in Innodata in the 4th quarter valued at about $16,713,000. Finally, Nuveen LLC acquired a new stake in Innodata in the 1st quarter valued at about $12,310,000. 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.