Innodata (NASDAQ:INOD) Trading Up 8.2% - Time to Buy?

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.

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

Wall Street Analyst Weigh In

Separately, BWS Financial reiterated a "buy" rating and set a $74.00 price objective on shares of Innodata in a research report on Monday, June 16th. Five analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $55.00.

Innodata Trading Up 5.0%

The stock's fifty day moving average price is $45.57 and its 200 day moving average price is $42.57. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.87 and a quick ratio of 2.87. The stock has a market capitalization of $2.09 billion, a P/E ratio of 52.96 and a beta of 2.58.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Toth Financial Advisory Corp grew its holdings in Innodata by 40.2% during the 2nd quarter. Toth Financial Advisory Corp now owns 1,150 shares of the technology company's stock worth $59,000 after acquiring an additional 330 shares in the last quarter. Ameritas Investment Partners Inc. grew its holdings in Innodata by 17.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,095 shares of the technology company's stock worth $159,000 after acquiring an additional 462 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Innodata by 3.3% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,613 shares of the technology company's stock worth $851,000 after acquiring an additional 528 shares in the last quarter. Farther Finance Advisors LLC bought a new position in Innodata during the 2nd quarter worth about $36,000. Finally, Police & Firemen s Retirement System of New Jersey grew its holdings in Innodata by 12.3% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 6,821 shares of the technology company's stock worth $349,000 after acquiring an additional 745 shares in the last quarter. 30.75% of the stock is currently owned by 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.