Innodata (NASDAQ:INOD) Stock Price Up 11.2% - Here's Why

Innodata Inc. (NASDAQ:INOD - Get Free Report) shares traded up 11.2% during mid-day trading on Thursday . The company traded as high as $51.20 and last traded at $51.61. 2,165,674 shares traded hands during trading, an increase of 41% from the average session volume of 1,539,681 shares. The stock had previously closed at $46.39.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. BWS Financial reaffirmed a "buy" rating and set a $74.00 price objective on shares of Innodata in a report on Monday, June 16th. Wedbush cut their price objective on shares of Innodata from $75.00 to $58.00 and set an "outperform" rating for the company in a report on Friday, May 9th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Innodata has a consensus rating of "Moderate Buy" and an average price target of $55.00.

Innodata Stock Performance

The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.36 and a current ratio of 2.36. The business's fifty day simple moving average is $40.51 and its 200-day simple moving average is $41.34. The firm has a market capitalization of $1.55 billion, a PE ratio of 46.92 and a beta of 2.65.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of INOD. Creative Financial Designs Inc. ADV purchased a new position in shares of Innodata in the first quarter valued at $29,000. Meeder Asset Management Inc. purchased a new position in shares of Innodata in the fourth quarter valued at $36,000. AlphaQuest LLC grew its holdings in shares of 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 in the last quarter. KBC Group NV purchased a new position in shares of Innodata in the first quarter valued at $52,000. Finally, Motco purchased a new position in shares of Innodata in the first quarter valued at $72,000. 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.