Innodata (NASDAQ:INOD) Trading 6.5% Higher - Here's What Happened

Innodata Inc. (NASDAQ:INOD - Get Free Report) shares shot up 6.5% during mid-day trading on Friday . The company traded as high as $20.40 and last traded at $20.40. 127,222 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 610,866 shares. The stock had previously closed at $19.16.

Analyst Ratings Changes

Several analysts recently commented on the company. Maxim Group began coverage on Innodata in a research note on Monday, July 15th. They issued a "buy" rating and a $30.00 price target on the stock. StockNews.com upgraded shares of Innodata to a "sell" rating in a research note on Wednesday. Craig Hallum began coverage on shares of Innodata in a research report on Tuesday, September 17th. They set a "buy" rating and a $23.00 target price for the company. Finally, BWS Financial lifted their price target on shares of Innodata from $24.00 to $30.00 and gave the company a "buy" rating in a report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $27.67.

Innodata Stock Performance

The stock has a 50 day moving average price of $16.53 and a two-hundred day moving average price of $14.33. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.45 and a quick ratio of 1.45. The company has a market capitalization of $583.69 million, a price-to-earnings ratio of 338.33 and a beta of 2.31.

Institutional Investors Weigh In On Innodata

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Private Advisor Group LLC grew its stake in shares of Innodata by 17.4% during the third quarter. Private Advisor Group LLC now owns 14,907 shares of the technology company's stock valued at $250,000 after purchasing an additional 2,207 shares during the last quarter. Compass Ion Advisors LLC boosted its position in Innodata by 5.6% in the 3rd quarter. Compass Ion Advisors LLC now owns 37,674 shares of the technology company's stock valued at $632,000 after buying an additional 2,011 shares during the last quarter. Deerfield Management Company L.P. Series C increased its stake 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 buying an additional 84,509 shares during the period. Squarepoint Ops LLC acquired a new stake in shares of Innodata in the 2nd quarter valued at $381,000. Finally, Marshall Wace LLP raised its position in shares of Innodata by 83.9% during the second quarter. Marshall Wace LLP now owns 85,395 shares of the technology company's stock worth $1,266,000 after acquiring an additional 38,954 shares during the last quarter. Institutional investors and hedge funds own 30.75% of the company's stock.

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.