Innodata (NASDAQ:INOD) Trading Up 6.2% - Here's What Happened

Innodata Inc. (NASDAQ:INOD - Get Free Report) shares rose 6.2% during mid-day trading on Friday . The company traded as high as $38.50 and last traded at $38.34. Approximately 545,774 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 1,268,322 shares. The stock had previously closed at $36.09.

Wall Street Analyst Weigh In

INOD has been the topic of a number of analyst reports. Wedbush started coverage on shares of Innodata in a research report on Thursday, December 19th. They set an "outperform" rating and a $48.00 price objective on the stock. BWS Financial upped their price target on shares of Innodata from $30.00 to $45.00 and gave the company a "buy" rating in a report on Friday, November 8th. Chardan Capital reissued a "buy" rating and issued a $45.00 price objective on shares of Innodata in a research note on Friday, December 13th. Finally, StockNews.com raised Innodata from a "sell" rating to a "hold" rating in a research note on Saturday, November 16th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $38.20.

Innodata Price Performance

The firm has a market capitalization of $1.12 billion, a P/E ratio of 65.68 and a beta of 2.57. The stock's 50 day simple moving average is $39.16 and its 200 day simple moving average is $27.24. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.84 and a current ratio of 1.84.

Innodata (NASDAQ:INOD - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The technology company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.07 by $0.28. Innodata had a return on equity of 44.38% and a net margin of 14.57%. The company had revenue of $52.22 million for the quarter, compared to the consensus estimate of $35.47 million. During the same period last year, the business posted $0.01 EPS. As a group, analysts expect that Innodata Inc. will post 0.62 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Innodata news, Director Stewart R. Massey sold 50,000 shares of Innodata stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $40.55, for a total value of $2,027,500.00. Following the transaction, the director now owns 25,262 shares in the company, valued at $1,024,374.10. The trade was a 66.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Ashok Mishra sold 92,726 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $43.16, for a total transaction of $4,002,054.16. The disclosure for this sale can be found here. Insiders have sold a total of 1,035,083 shares of company stock worth $46,889,370 in the last three months. Corporate insiders own 15.23% of the company's stock.

Hedge Funds Weigh In On Innodata

Large investors have recently made changes to their positions in the business. Allworth Financial LP purchased a new position in Innodata during the 4th quarter worth $29,000. USA Financial Formulas purchased a new stake in shares of Innodata during the fourth quarter worth about $36,000. Spire Wealth Management purchased a new stake in shares of Innodata during the fourth quarter worth about $166,000. Point72 Asset Management L.P. acquired a new position in shares of Innodata during the third quarter valued at about $206,000. Finally, BNP Paribas Financial Markets raised its position in shares of Innodata by 38.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 13,443 shares of the technology company's stock valued at $225,000 after purchasing an additional 3,739 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.