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

Innodata Inc. (NASDAQ:INOD - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $41.82, but opened at $45.14. Innodata shares last traded at $45.11, with a volume of 296,973 shares.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Chardan Capital reissued a "buy" rating and set a $45.00 target price on shares of Innodata in a research report on Friday, December 13th. Maxim Group lifted their target price on shares of 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 target on shares of Innodata from $45.00 to $74.00 and gave the company a "buy" rating in a research report on Friday, February 21st. Finally, Wedbush began coverage on Innodata in a research report on Thursday, December 19th. They issued an "outperform" rating and a $48.00 price objective for the company. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $53.00.

Innodata Stock Performance

The company's 50 day simple moving average is $45.45 and its 200 day simple moving average is $35.21. The stock has a market cap of $1.17 billion, a PE ratio of 44.57 and a beta of 2.59. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.84 and a current ratio of 1.84.

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Innodata (NASDAQ:INOD - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.11 by $0.20. The firm had revenue of $59.18 million during the quarter, compared to the consensus estimate of $53.01 million. Innodata had a return on equity of 66.36% and a net margin of 16.81%. Analysts expect that Innodata Inc. will post 0.81 earnings per share for the current year.

Insiders Place Their Bets

In related news, COO Ashok Mishra sold 48,650 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $65.07, for a total value of $3,165,655.50. Following the transaction, the chief operating officer now directly owns 60,000 shares in the company, valued at approximately $3,904,200. This represents a 44.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Nauman Sabeeh Toor sold 196,777 shares of Innodata stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $64.40, for a total transaction of $12,672,438.80. Following the sale, the director now owns 12,417 shares of the company's stock, valued at approximately $799,654.80. The trade was a 94.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 275,427 shares of company stock worth $17,790,794 over the last quarter. 15.23% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Innodata

A number of large investors have recently modified their holdings of the company. Wellington Management Group LLP purchased a new stake in shares of Innodata in the 4th quarter valued at $11,283,000. Palisades Investment Partners LLC boosted its holdings in shares of Innodata by 6.1% during the fourth quarter. Palisades Investment Partners LLC now owns 368,651 shares of the technology company's stock worth $14,569,000 after purchasing an additional 21,093 shares during the period. Two Sigma Investments LP purchased a new position in Innodata during the 4th quarter valued at about $5,282,000. State of Wyoming bought a new position in Innodata during the 4th quarter valued at approximately $250,000. Finally, ProShare Advisors LLC bought a new stake in shares of Innodata in the 4th quarter worth approximately $301,000. 30.75% of the stock is owned by hedge funds and other 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.