Innodata (NASDAQ:INOD) Shares Gap Up - Time to Buy?

Innodata Inc. (NASDAQ:INOD - Get Free Report)'s share price gapped up before the market opened on Wednesday . The stock had previously closed at $43.27, but opened at $45.00. Innodata shares last traded at $43.59, with a volume of 920,518 shares.

Analyst Upgrades and Downgrades

Several research firms have recently commented on INOD. BWS Financial upped their price target on Innodata from $45.00 to $74.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Wedbush cut 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. Finally, Maxim Group upped their price target on Innodata from $54.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. One 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 target price of $55.00.

Innodata Price Performance

The company has a 50-day simple moving average of $38.13 and a 200-day simple moving average of $40.91. The stock has a market cap of $1.24 billion, a PE ratio of 46.11 and a beta of 2.65. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.84 and a quick ratio of 1.84.

Innodata (NASDAQ:INOD - Get Free Report) last released its quarterly earnings data 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. 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 company's revenue was up 120.1% compared to the same quarter last year. Sell-side analysts anticipate that Innodata Inc. will post 0.81 EPS for the current fiscal year.

Institutional Trading of Innodata

Several large investors have recently bought and sold shares of INOD. Allworth Financial LP acquired a new stake in Innodata in the fourth quarter valued at $29,000. Creative Financial Designs Inc. ADV acquired a new stake in Innodata in the first quarter valued at $29,000. Meeder Asset Management Inc. acquired a new stake in Innodata in the fourth quarter valued at $36,000. AlphaQuest LLC grew its holdings in Innodata by 79.4% in the fourth quarter. AlphaQuest LLC now owns 1,030 shares of the technology company's stock valued at $41,000 after purchasing an additional 456 shares during the last quarter. Finally, KBC Group NV acquired a new stake in Innodata in the first quarter valued at $52,000. 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.