Innodata (NASDAQ:INOD) Stock Price Passes Above 200 Day Moving Average - Here's Why

Shares of Innodata Inc. (NASDAQ:INOD - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $42.18 and traded as high as $50.85. Innodata shares last traded at $49.85, with a volume of 2,052,240 shares trading hands.

Analyst Ratings Changes

INOD has been the subject of a number of analyst reports. Wedbush dropped 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. BWS Financial reaffirmed a "buy" rating and issued a $74.00 price target on shares of Innodata in a research note on Monday, June 16th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $55.00.

Innodata Price Performance

The company has a fifty day moving average of $44.47 and a 200 day moving average of $42.32. The firm has a market capitalization of $1.56 billion, a P/E ratio of 47.39 and a beta of 2.68. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.36 and a quick ratio of 2.36.

Innodata (NASDAQ:INOD - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The technology company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.05. Innodata had a return on equity of 55.38% and a net margin of 17.53%. The firm had revenue of $58.34 million for the quarter, compared to analyst estimates of $57.64 million. Innodata's revenue for the quarter was up 120.1% on a year-over-year basis. Sell-side analysts predict that Innodata Inc. will post 0.81 earnings per share for the current year.

Institutional Investors Weigh In On Innodata

A number of institutional investors and hedge funds have recently bought and sold shares of INOD. D. E. Shaw & Co. Inc. grew its stake in 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 purchasing an additional 892,663 shares during the period. Yong Rong HK Asset Management Ltd bought a new position in Innodata in the 1st quarter valued at $28,548,000. Wellington Management Group LLP grew its stake in Innodata by 177.8% in 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 during the period. Driehaus Capital Management LLC bought a new position in Innodata in the 4th quarter valued at $16,713,000. Finally, Nuveen LLC bought a new position in Innodata in the 1st quarter valued at $12,310,000. 30.75% of the stock is owned by hedge funds and other institutional investors.

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.