Innodata (NASDAQ:INOD) Stock Price Up 5.1% - Here's Why

Shares of Innodata Inc. (NASDAQ:INOD - Get Free Report) rose 5.1% during trading on Thursday . The company traded as high as $18.54 and last traded at $18.51. Approximately 329,526 shares were traded during mid-day trading, a decline of 47% from the average daily volume of 616,816 shares. The stock had previously closed at $17.62.

Wall Street Analyst Weigh In

INOD has been the subject of a number of research reports. StockNews.com upgraded Innodata to a "sell" rating in a research report on Friday, September 27th. 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 target price on Innodata from $24.00 to $30.00 and gave the stock 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 set a "buy" rating and a $30.00 target price for the company. One investment analyst has rated the stock with a sell rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $27.67.

Innodata Price Performance

The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.24. The firm has a market cap of $527.04 million, a P/E ratio of 305.00 and a beta of 2.31. The company has a fifty day moving average price of $16.31 and a two-hundred day moving average price of $13.87.

Hedge Funds Weigh In On Innodata

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Innodata by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 1,460,430 shares of the technology company's stock valued at $9,639,000 after purchasing an additional 28,173 shares in the last quarter. Janus Henderson Group PLC bought a new stake in Innodata in the 1st quarter valued at approximately $8,142,000. GSA Capital Partners LLP lifted its stake in 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 in the last quarter. Deerfield Management Company L.P. Series C lifted its stake in 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 in the last quarter. Finally, Marshall Wace LLP lifted its stake in 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 in 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.

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