Innodata (NASDAQ:INOD) Shares Up 7.8% - Here's What Happened

Innodata Inc. (NASDAQ:INOD - Get Free Report)'s share price shot up 7.8% during mid-day trading on Tuesday . The company traded as high as $39.56 and last traded at $39.34. 896,867 shares were traded during trading, a decline of 33% from the average session volume of 1,342,857 shares. The stock had previously closed at $36.48.

Analyst Ratings Changes

A number of brokerages have recently issued reports on INOD. Maxim Group upped their price objective on Innodata from $54.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. BWS Financial upped their price objective on Innodata from $45.00 to $74.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Finally, Wedbush dropped their price objective on Innodata from $75.00 to $58.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. 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 data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $55.00.

Innodata Trading Up 2.0%

The business has a 50 day moving average of $36.33 and a two-hundred day moving average of $40.74. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.15. The firm has a market cap of $1.23 billion, a P/E ratio of 45.62 and a beta of 2.75.

Innodata (NASDAQ:INOD - Get Free Report) last posted its quarterly 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. The business had revenue of $58.34 million for the quarter, compared to analysts' expectations of $57.64 million. Innodata had a return on equity of 66.36% and a net margin of 16.81%. The company's revenue for the quarter was up 120.1% on a year-over-year basis. Analysts predict that Innodata Inc. will post 0.81 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. D. E. Shaw & Co. Inc. grew its position in Innodata by 1,718.4% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 944,611 shares of the technology company's stock valued at $37,331,000 after acquiring an additional 892,663 shares during the last quarter. Yong Rong HK Asset Management Ltd acquired a new position in shares of Innodata in the first quarter worth approximately $28,548,000. Wellington Management Group LLP lifted its stake in shares of Innodata by 177.8% in the first quarter. Wellington Management Group LLP now owns 793,041 shares of the technology company's stock worth $28,470,000 after acquiring an additional 507,540 shares during the period. Driehaus Capital Management LLC bought a new stake in Innodata in the fourth quarter worth approximately $16,713,000. Finally, Nuveen LLC bought a new stake in Innodata in the first quarter worth approximately $12,310,000. Institutional investors own 30.75% of the company's stock.

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.