Innodata (NASDAQ:INOD) Reaches New 1-Year High - Here's What Happened

Innodata Inc. (NASDAQ:INOD - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $21.66 and last traded at $21.59, with a volume of 299074 shares changing hands. The stock had previously closed at $20.49.

Analyst Upgrades and Downgrades

INOD has been the topic of several research analyst reports. Maxim Group initiated 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 report on Wednesday, October 23rd. Craig Hallum assumed coverage on Innodata in a research report on Tuesday, September 17th. They set a "buy" rating and a $23.00 price target on the stock. Finally, BWS Financial upped their target price on Innodata from $24.00 to $30.00 and gave the stock a "buy" rating in a research note on Friday, August 9th. One analyst has rated the stock with a sell rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price 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 $623.37 million, a P/E ratio of 361.33 and a beta of 2.31. The firm has a 50 day moving average of $16.63 and a 200-day moving average of $14.64.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets grew its stake in shares of Innodata by 11.2% during the first quarter. BNP Paribas Financial Markets now owns 22,208 shares of the technology company's stock worth $147,000 after purchasing an additional 2,230 shares in the last quarter. GSA Capital Partners LLP lifted its position in shares of Innodata by 128.5% in the first 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 in the last quarter. Vanguard Group Inc. lifted its position in shares of Innodata by 2.0% in the first 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 in the last quarter. Elkhorn Partners Limited Partnership purchased a new position in Innodata during the first quarter worth about $94,000. Finally, Price T Rowe Associates Inc. MD lifted its position in Innodata by 6.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 15,348 shares of the technology company's stock worth $102,000 after buying an additional 982 shares during the period. 30.75% of the stock is currently owned by institutional investors and hedge funds.

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.