Innodata (NASDAQ:INOD) Shares Gap Up - Here's Why

Innodata Inc. (NASDAQ:INOD - Get Free Report) shares gapped up prior to trading on Friday . The stock had previously closed at $24.34, but opened at $30.34. Innodata shares last traded at $34.65, with a volume of 2,525,054 shares trading hands.

Analyst Ratings Changes

Several analysts have commented on the company. Craig Hallum assumed coverage on Innodata in a report on Tuesday, September 17th. They issued a "buy" rating and a $23.00 price target for the company. Maxim Group started coverage on Innodata in a research note on Monday, July 15th. They issued a "buy" rating and a $30.00 price objective on the stock. StockNews.com raised Innodata to a "sell" rating in a research note on Wednesday, October 23rd. Finally, BWS Financial lifted their price objective on Innodata from $30.00 to $45.00 and gave the company a "buy" rating in a research note on Friday. One analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $32.67.

Innodata Stock Up 75.8 %

The firm has a 50-day moving average of $17.20 and a 200 day moving average of $15.40. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 72.42 and a beta of 2.30. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.24.

Hedge Funds Weigh In On Innodata

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Innodata by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 1,460,430 shares of the technology company's stock valued at $9,639,000 after acquiring an additional 28,173 shares during the last quarter. Janus Henderson Group PLC bought a new stake in shares of Innodata in the 1st quarter valued at approximately $8,142,000. GSA Capital Partners LLP increased its holdings in shares of Innodata by 128.5% in the 1st quarter. GSA Capital Partners LLP now owns 137,664 shares of the technology company's stock valued at $909,000 after acquiring an additional 77,410 shares during the last quarter. Deerfield Management Company L.P. Series C increased its holdings in shares of Innodata by 309.5% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 111,814 shares of the technology company's stock valued at $1,658,000 after acquiring an additional 84,509 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in shares of Innodata by 83.9% in the 2nd quarter. Marshall Wace LLP now owns 85,395 shares of the technology company's stock valued at $1,266,000 after acquiring an additional 38,954 shares during the last quarter. 30.75% of the stock is owned by institutional investors and hedge funds.

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.