Innodata (NASDAQ:INOD) Stock Price Down 6.4% - Here's Why

Innodata Inc. (NASDAQ:INOD - Get Free Report)'s stock price dropped 6.4% during mid-day trading on Friday . The stock traded as low as $49.67 and last traded at $49.35. Approximately 1,246,075 shares traded hands during trading, a decline of 23% from the average daily volume of 1,612,986 shares. The stock had previously closed at $52.70.

Analyst Ratings Changes

INOD has been the subject of several research analyst reports. BWS Financial reissued a "buy" rating and set a $74.00 price objective on shares of Innodata in a research note on Monday, June 16th. Wedbush dropped their price target 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 equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $55.00.

Innodata Stock Performance

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 50 day simple moving average of $43.53 and a 200-day simple moving average of $42.08. The stock has a market cap of $1.60 billion, a P/E ratio of 48.40 and a beta of 2.68.

Innodata (NASDAQ:INOD - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The technology company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.05. Innodata had a return on equity of 55.38% and a net margin of 17.53%. The firm had revenue of $58.34 million during the quarter, compared to analyst estimates of $57.64 million. 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 fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of INOD. Creative Financial Designs Inc. ADV purchased a new position in shares of Innodata in the first quarter worth about $29,000. Meeder Asset Management Inc. purchased a new position in shares of Innodata in the fourth quarter worth about $36,000. Farther Finance Advisors LLC purchased a new position in shares of Innodata in the second quarter worth about $36,000. AlphaQuest LLC increased its holdings in shares of Innodata by 79.4% in the fourth quarter. AlphaQuest LLC now owns 1,030 shares of the technology company's stock worth $41,000 after buying an additional 456 shares during the period. Finally, KBC Group NV purchased a new position in shares of Innodata in the first quarter worth about $52,000. Hedge funds and other 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.