Innodata (NASDAQ:INOD) Shares Gap Up - What's Next?

Key Points

• Innodata Inc. shares gapped up significantly, opening at $80.76 after closing at $75.83, with the last trade recorded at $79.22.
• Equity analysts have shown positive sentiment towards Innodata, with BWS Financial raising its price target to $110.00 and Zacks upgrading the stock to a strong-buy rating.
• Innodata reported impressive quarterly earnings, exceeding estimates with $0.20 earnings per share and a 79.7% increase in revenue year-over-year.

Shares of Innodata Inc. (NASDAQ:INOD - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $75.83, but opened at $80.76. Innodata shares last traded at $79.22, with a volume of 424,257 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. BWS Financial boosted their price target on shares of Innodata from $74.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday, October 10th. Weiss Ratings restated a "hold (c)" rating on shares of Innodata in a report on Tuesday. Wedbush boosted their price objective on shares of Innodata from $75.00 to $90.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, Zacks Research upgraded shares of Innodata from a "hold" rating to a "strong-buy" rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $80.00.

Innodata Stock Up 5.6%

The firm has a market cap of $2.55 billion, a PE ratio of 64.77 and a beta of 2.96. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.87 and a current ratio of 2.87. The company's 50-day simple moving average is $58.05 and its two-hundred day simple moving average is $47.51.

Innodata (NASDAQ:INOD - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The technology company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.09. The business had revenue of $58.39 million during the quarter, compared to analysts' expectations of $56.35 million. Innodata had a net margin of 18.71% and a return on equity of 54.27%. The company's revenue was up 79.7% compared to the same quarter last year. On average, analysts predict that Innodata Inc. will post 0.81 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Innodata

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Innodata by 7.4% during the 1st quarter. Vanguard Group Inc. now owns 1,760,354 shares of the technology company's stock valued at $63,197,000 after purchasing an additional 120,630 shares in the last quarter. Yong Rong HK Asset Management Ltd bought a new stake in shares of Innodata during the 1st quarter valued at about $28,548,000. Wellington Management Group LLP boosted its stake in shares of Innodata by 177.8% during the 1st quarter. Wellington Management Group LLP now owns 793,041 shares of the technology company's stock valued at $28,470,000 after purchasing an additional 507,540 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Innodata by 11.0% during the 2nd quarter. Geode Capital Management LLC now owns 700,217 shares of the technology company's stock valued at $35,869,000 after purchasing an additional 69,475 shares in the last quarter. Finally, Driehaus Capital Management LLC increased its stake in shares of Innodata by 34.3% in the 1st quarter. Driehaus Capital Management LLC now owns 567,866 shares of the technology company's stock worth $20,386,000 after acquiring an additional 144,972 shares in the last quarter. Institutional investors own 30.75% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.