Innodata (NASDAQ:INOD) Shares Gap Up - Should You Buy?

Innodata Inc. (NASDAQ:INOD - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $39.95, but opened at $40.93. Innodata shares last traded at $39.07, with a volume of 526,993 shares traded.

Wall Street Analyst Weigh In

A number of research firms recently commented on INOD. Wedbush lowered their price objective on shares of Innodata from $75.00 to $58.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. BWS Financial raised their price target on Innodata from $45.00 to $74.00 and gave the company a "buy" rating in a research note on Friday, February 21st. Finally, Maxim Group raised their price target on Innodata from $54.00 to $75.00 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 assigned a buy rating to the stock. Based on data from MarketBeat, Innodata presently has a consensus rating of "Moderate Buy" and an average target price of $55.00.

Innodata Stock Performance

The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of 45.63 and a beta of 2.75. The company has a fifty day moving average of $36.65 and a two-hundred day moving average of $40.84. 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 announced its quarterly earnings data on Thursday, May 8th. The technology company reported $0.22 earnings per share for the quarter, beating the consensus estimate 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%. Innodata's quarterly revenue was up 120.1% compared to the same quarter last year. As a group, equities research analysts predict that Innodata Inc. will post 0.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Innodata

Institutional investors and hedge funds have recently bought and sold shares of the company. Northern Trust Corp increased its holdings in Innodata by 9.9% in the 4th quarter. Northern Trust Corp now owns 252,753 shares of the technology company's stock worth $9,989,000 after purchasing an additional 22,808 shares in the last quarter. Jennison Associates LLC bought a new stake in shares of Innodata in the 4th quarter valued at about $402,000. Palisades Investment Partners LLC grew its position in shares of Innodata by 6.1% in the 4th quarter. Palisades Investment Partners LLC now owns 368,651 shares of the technology company's stock valued at $14,569,000 after buying an additional 21,093 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Innodata by 7.7% in the 4th quarter. Vanguard Group Inc. now owns 1,639,724 shares of the technology company's stock valued at $64,802,000 after buying an additional 117,000 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. grew its position 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 buying an additional 892,663 shares during the last quarter. Institutional investors and hedge funds 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.

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