Innodata (NASDAQ:INOD) Shares Down 5.9% - Here's Why

Innodata Inc. (NASDAQ:INOD - Get Free Report)'s share price was down 5.9% on Friday . The stock traded as low as $47.52 and last traded at $48.90. Approximately 1,413,096 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 2,096,019 shares. The stock had previously closed at $51.96.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. BWS Financial restated a "buy" rating and set a $74.00 price target on shares of Innodata in a research report on Monday, June 16th. Wedbush lowered their target price on Innodata from $75.00 to $58.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $55.00.

Innodata Stock Down 5.1%

The company has a debt-to-equity ratio of 0.09, a current ratio of 2.36 and a quick ratio of 2.36. The company has a market capitalization of $1.57 billion, a P/E ratio of 47.38 and a beta of 2.65. The company has a 50 day moving average of $40.20 and a 200-day moving average of $41.20.

Innodata (NASDAQ:INOD - Get Free Report) last posted its quarterly earnings data 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. Innodata had a return on equity of 55.38% and a net margin of 17.53%. The business had revenue of $58.34 million during the quarter, compared to the consensus estimate of $57.64 million. The business's revenue for the quarter was up 120.1% on a year-over-year basis. As a group, equities analysts anticipate that Innodata Inc. will post 0.81 EPS for the current year.

Institutional Investors Weigh In On Innodata

Hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers lifted its stake in shares of Innodata by 3.5% in the first quarter. Rhumbline Advisers now owns 38,100 shares of the technology company's stock worth $1,368,000 after buying an additional 1,281 shares in the last quarter. Strs Ohio bought a new position in Innodata in the 1st quarter worth $248,000. Axiom Investors LLC DE purchased a new position in Innodata during the first quarter valued at $1,532,000. Scientech Research LLC lifted its position in Innodata by 215.6% during the first quarter. Scientech Research LLC now owns 33,307 shares of the technology company's stock valued at $1,196,000 after purchasing an additional 22,755 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in Innodata by 30.7% during the first quarter. Millennium Management LLC now owns 142,608 shares of the technology company's stock valued at $5,120,000 after purchasing an additional 33,473 shares during the period. 30.75% of the stock is owned by institutional investors.

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.

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