Innodata (NASDAQ:INOD) Shares Gap Up - Still a Buy?

Innodata Inc. (NASDAQ:INOD - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $43.86, but opened at $46.03. Innodata shares last traded at $43.85, with a volume of 1,028,228 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms recently commented on INOD. BWS Financial boosted their target price on Innodata from $45.00 to $74.00 and gave the stock a "buy" rating in a research report on Friday, February 21st. Wedbush decreased their price objective on Innodata from $75.00 to $58.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Finally, Maxim Group increased their target price on Innodata from $54.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, February 21st. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Innodata currently has a consensus rating of "Moderate Buy" and an average target price of $55.00.

Innodata Stock Up 1.6%

The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.15. The company has a 50 day simple moving average of $36.47 and a two-hundred day simple moving average of $40.82. The company has a market capitalization of $1.43 billion, a P/E ratio of 52.91 and a beta of 2.75.

Innodata (NASDAQ:INOD - Get Free Report) last released its earnings results 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. Innodata had a return on equity of 66.36% and a net margin of 16.81%. The firm had revenue of $58.34 million for the quarter, compared to the consensus estimate of $57.64 million. The business's quarterly revenue was up 120.1% on a year-over-year basis. As a group, equities analysts predict that Innodata Inc. will post 0.81 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Rhumbline Advisers lifted its holdings in shares of Innodata by 3.5% in the 1st quarter. Rhumbline Advisers now owns 38,100 shares of the technology company's stock worth $1,368,000 after acquiring an additional 1,281 shares during the last quarter. Strs Ohio bought a new position in Innodata during the 1st quarter valued at about $248,000. Axiom Investors LLC DE purchased a new stake in Innodata in the 1st quarter worth about $1,532,000. Scientech Research LLC lifted its stake in Innodata by 215.6% in the first quarter. Scientech Research LLC now owns 33,307 shares of the technology company's stock worth $1,196,000 after purchasing an additional 22,755 shares during the last quarter. Finally, Millennium Management LLC boosted its position in shares of 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 buying an additional 33,473 shares during the period. 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.