Innodata (NASDAQ:INOD) Sets New 12-Month High - Still a Buy?

Innodata Inc. (NASDAQ:INOD - Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $21.99 and last traded at $21.89, with a volume of 101475 shares traded. The stock had previously closed at $20.64.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on INOD. StockNews.com raised Innodata to a "sell" rating in a research note on Wednesday, October 23rd. Craig Hallum initiated coverage on Innodata in a research report on Tuesday, September 17th. They issued a "buy" rating and a $23.00 price objective for the company. BWS Financial boosted their price objective on Innodata from $24.00 to $30.00 and gave the company a "buy" rating in a research report on Friday, August 9th. Finally, Maxim Group initiated coverage on Innodata in a research report on Monday, July 15th. They issued a "buy" rating and a $30.00 price objective for the company. One investment analyst has rated the stock with a sell rating and three have assigned a buy rating to the company. According to MarketBeat, Innodata has an average rating of "Moderate Buy" and a consensus price target of $27.67.

Innodata Stock Performance

The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.24. The company has a market cap of $638.36 million, a P/E ratio of 241.69 and a beta of 2.30. The business has a fifty day moving average of $16.88 and a 200 day moving average of $15.16.

Hedge Funds Weigh In On Innodata

Hedge funds and other institutional investors have recently made changes to their positions in the business. nVerses Capital LLC purchased a new stake in Innodata in the second quarter worth $27,000. Elkhorn Partners Limited Partnership purchased a new stake in Innodata in the first quarter worth $94,000. Price T Rowe Associates Inc. MD grew its stake in Innodata by 6.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 15,348 shares of the technology company's stock worth $102,000 after purchasing an additional 982 shares during the period. BNP Paribas Financial Markets grew its stake in shares of Innodata by 11.2% in the first quarter. BNP Paribas Financial Markets now owns 22,208 shares of the technology company's stock worth $147,000 after acquiring an additional 2,230 shares during the last quarter. Finally, Private Advisor Group LLC grew its stake in shares of Innodata by 17.4% in the third quarter. Private Advisor Group LLC now owns 14,907 shares of the technology company's stock worth $250,000 after acquiring an additional 2,207 shares during the last quarter. 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.