Innodata (NASDAQ:INOD) Stock Price Up 14.8% - Here's Why

Innodata Inc. (NASDAQ:INOD - Get Free Report) shot up 14.8% during mid-day trading on Monday . The company traded as high as $44.09 and last traded at $44.97. 1,155,659 shares changed hands during trading, a decline of 21% from the average session volume of 1,465,903 shares. The stock had previously closed at $39.19.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on INOD shares. Maxim Group raised their target price on shares of Innodata from $54.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, February 21st. BWS Financial restated a "buy" rating and set a $74.00 price target on shares of Innodata in a research report on Monday. Finally, Wedbush dropped their target price on shares of Innodata from $75.00 to $58.00 and set an "outperform" rating on the stock in a research report 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 data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $55.00.

Innodata Stock Up 6.4%

The company has a current ratio of 2.36, a quick ratio of 2.36 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of 44.55 and a beta of 2.65. The firm's fifty day simple moving average is $38.69 and its two-hundred day simple moving average is $41.01.

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

Institutional Investors Weigh In On Innodata

Institutional investors and hedge funds have recently made changes to their positions in the stock. Allworth Financial LP purchased a new stake in shares of Innodata in the 4th quarter valued at approximately $29,000. Creative Financial Designs Inc. ADV purchased a new stake in shares of Innodata in the 1st quarter valued at approximately $29,000. Meeder Asset Management Inc. purchased a new stake in shares of Innodata in the 4th quarter valued at approximately $36,000. AlphaQuest LLC increased its stake in Innodata by 79.4% during the 4th 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 stake in Innodata during the 1st quarter worth approximately $52,000. 30.75% of the stock is owned by hedge funds and other institutional investors.

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.