Innodata (NASDAQ:INOD) Stock Rating Upgraded by Zacks Research

Key Points

• Zacks Research upgraded Innodata's stock rating from "hold" to "strong-buy," indicating increased analyst confidence in the company.
• BWS Financial raised Innodata's price target significantly from $74 to $110, contributing to a consensus rating of "Buy" among analysts.
• Innodata reported impressive quarterly earnings with a net margin of 18.71% and a year-over-year revenue increase of 79.7%, outperforming analyst expectations.

Innodata (NASDAQ:INOD - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Monday,Zacks.com reports.

A number of other analysts also recently issued reports on the stock. BWS Financial raised their price target on shares of Innodata from $74.00 to $110.00 and gave the stock a "buy" rating in a report on Friday, October 10th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Innodata in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, Innodata has a consensus rating of "Buy" and an average target price of $72.00.

Innodata Stock Down 7.2%

Shares of NASDAQ INOD opened at $75.83 on Monday. The company has a 50 day simple moving average of $58.05 and a 200-day simple moving average of $47.51. The company has a market capitalization of $2.41 billion, a P/E ratio of 61.15 and a beta of 2.96. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.87 and a quick ratio of 2.87. Innodata has a 1 year low of $16.58 and a 1 year high of $93.85.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.09. The business had revenue of $58.39 million during the quarter, compared to the consensus estimate of $56.35 million. Innodata had a net margin of 18.71% and a return on equity of 54.27%. The business's quarterly revenue was up 79.7% compared to the same quarter last year. On average, equities research analysts predict that Innodata will post 0.81 earnings per share for the current year.

Institutional Investors Weigh In On Innodata

Several institutional investors have recently modified their holdings of the company. Rhumbline Advisers lifted its position in Innodata by 3.5% in the first quarter. Rhumbline Advisers now owns 38,100 shares of the technology company's stock valued at $1,368,000 after acquiring an additional 1,281 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new position in Innodata in the first quarter valued at $296,000. Spire Wealth Management increased its stake in shares of Innodata by 120.0% during the first quarter. Spire Wealth Management now owns 9,253 shares of the technology company's stock worth $332,000 after acquiring an additional 5,048 shares during the period. Creative Financial Designs Inc. ADV acquired a new position in shares of Innodata during the first quarter worth about $29,000. Finally, KBC Group NV acquired a new position in shares of Innodata during the first quarter worth about $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.

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