Innodata (NASDAQ:INOD) Trading Up 8.2% - Here's Why

Key Points

• Innodata Inc. shares surged by 8.2%, reaching $58.03, following a trading volume of approximately 1,970,324 shares on Wednesday.
• BWS Financial reaffirmed a "buy" rating on Innodata, with a price target of $74.00, while the stock has an average rating of "Buy" with a target price of $55.00.
• The company's quarterly earnings showed a significant year-over-year revenue increase of 79.7%, surpassing analysts' expectations with earnings per share of $0.20.

Innodata Inc. (NASDAQ:INOD - Get Free Report) shares were up 8.2% on Wednesday . The stock traded as high as $59.90 and last traded at $58.03. Approximately 1,970,324 shares changed hands during mid-day trading, a decline of 10% from the average daily volume of 2,185,801 shares. The stock had previously closed at $53.63.

Analyst Upgrades and Downgrades

Separately, BWS Financial reissued a "buy" rating and issued a $74.00 price objective on shares of Innodata in a report on Monday, June 16th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $55.00.

Innodata Trading Up 9.0%

The stock has a market cap of $1.86 billion, a P/E ratio of 47.79 and a beta of 2.58. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.87 and a current ratio of 2.87. The stock has a 50-day moving average price of $44.88 and a 200-day moving average price of $42.64.

Innodata (NASDAQ:INOD - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The technology company reported $0.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.11 by $0.09. The firm had revenue of $58.39 million during the quarter, compared to the consensus estimate of $56.35 million. Innodata had a return on equity of 54.27% and a net margin of 18.71%.The business's revenue for the quarter was up 79.7% on a year-over-year basis. On average, equities research analysts expect that Innodata Inc. will post 0.81 EPS for the current year.

Institutional Trading of Innodata

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Innodata by 7.4% in the 1st quarter. Vanguard Group Inc. now owns 1,760,354 shares of the technology company's stock worth $63,197,000 after purchasing an additional 120,630 shares during the period. Yong Rong HK Asset Management Ltd purchased a new position in Innodata in the 1st quarter worth approximately $28,548,000. Wellington Management Group LLP increased its stake in shares of Innodata by 177.8% during the first quarter. Wellington Management Group LLP now owns 793,041 shares of the technology company's stock valued at $28,470,000 after buying an additional 507,540 shares during the period. Geode Capital Management LLC increased its stake in shares of Innodata by 11.0% during the second quarter. Geode Capital Management LLC now owns 700,217 shares of the technology company's stock valued at $35,869,000 after buying an additional 69,475 shares during the period. Finally, Driehaus Capital Management LLC increased its stake in shares of Innodata by 34.3% during the first quarter. Driehaus Capital Management LLC now owns 567,866 shares of the technology company's stock valued at $20,386,000 after buying an additional 144,972 shares during the period. Institutional investors own 30.75% of the company's stock.

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.

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