Innodata (NASDAQ:INOD) Trading Up 8% - Here's What Happened

Innodata Inc. (NASDAQ:INOD - Get Free Report)'s share price shot up 8% on Friday . The stock traded as high as $21.83 and last traded at $21.72. 270,251 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 610,695 shares. The stock had previously closed at $20.11.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. BWS Financial boosted 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. StockNews.com raised Innodata to a "sell" rating in a research report on Wednesday, October 23rd. Maxim Group began coverage on Innodata in a report on Monday, July 15th. They set a "buy" rating and a $30.00 price target on the stock. Finally, Craig Hallum started coverage on Innodata in a research note on Tuesday, September 17th. They issued a "buy" rating and a $23.00 price objective for the company. One equities research analyst has rated the stock with a sell rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $27.67.

Innodata Stock Up 5.1 %

The business's 50 day simple moving average is $16.84 and its 200-day simple moving average is $14.93. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.45 and a current ratio of 1.45. The company has a market cap of $612.56 million, a price-to-earnings ratio of 234.80 and a beta of 2.31.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. acquired a new stake in shares of Innodata during the 3rd quarter valued at about $311,000. Private Advisor Group LLC lifted its stake in Innodata by 17.4% in the third quarter. Private Advisor Group LLC now owns 14,907 shares of the technology company's stock valued at $250,000 after acquiring an additional 2,207 shares during the last quarter. Compass Ion Advisors LLC increased its stake in shares of Innodata by 5.6% during the 3rd quarter. Compass Ion Advisors LLC now owns 37,674 shares of the technology company's stock worth $632,000 after purchasing an additional 2,011 shares during the last quarter. Deerfield Management Company L.P. Series C raised its holdings in shares of Innodata by 309.5% during 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 purchasing an additional 84,509 shares in the last quarter. Finally, Squarepoint Ops LLC bought a new position in shares of Innodata during the 2nd quarter valued at $381,000. Hedge funds and other institutional investors 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.