Innodata Inc. (NASDAQ: INOD) saw a significant increase in trading volume on Friday, with 1,173,423 shares changing hands during mid-day trading. This marked a decline of 14% from the previous session’s volume of 1,357,419 shares.
The stock last traded at $39.66, up from its previous close of $38.03. Several research firms have recently revised their price targets for INOD. Wedbush cut their target price on Innodata from $75.00 to $58.00 and maintained an “outperform” rating in a report on May 9th.
BWS Financial boosted their price objective from $45.00 to $74.00 and assigned a “buy” rating on February 21st. Maxim Group also raised their target price from $54.00 to $75.00, giving the stock a “buy” rating in a report on the same day. One analyst rated the stock with a hold rating, while five others assigned a buy rating.
Innodata currently has an average rating of “Moderate Buy” with a target price of $55.00. Innodata has a market cap of $1.39 billion, a PE ratio of 51.60, and a beta of 2.75. The company’s 50-day simple moving average is $36.33, and its 200-day simple moving average is $40.75.
The company boasts a quick ratio and a current ratio of 1.84, and a debt-to-equity ratio of 0.15. The company last announced its quarterly earnings on May 8th, reporting $0.22 earnings per share (EPS) for the quarter, exceeding the consensus estimate of $0.17 by $0.05. Innodata had a net margin of 16.81% and a return on equity of 66.36%.
Trading volume surges for Innodata
Revenue for the quarter was $58.34 million, compared to the consensus estimate of $57.64 million, showcasing a 120.1% increase from the same quarter last year. Analysts forecast that Innodata Inc.
will post 0.81 earnings per share for the current fiscal year. Institutional investors have recently modified their holdings of the stock. Invesco Ltd.
increased its stake in Innodata by 2.0% in the fourth quarter, now holding 11,781 shares worth $466,000 after an additional purchase of 232 shares. NewEdge Advisors LLC grew its position by 2.7% during the fourth quarter, to 11,300 shares valued at $447,000. AlphaQuest LLC raised its stake by 79.4% during the same period, now holding 1,030 shares valued at $41,000.
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. also increased its holdings by 3.6%, to 15,374 shares valued at $608,000. Allworth Financial LP bought a new stake in Innodata in the fourth quarter valued at about $29,000.
As of now, 30.75% of the stock is owned by institutional investors and hedge funds. Innodata Inc. is a global data engineering company operating in the United States, the United Kingdom, the Netherlands, Canada, and internationally.
The company works through three segments: Digital Data Solutions (DDS), Synodex, and Agility. The DDS segment focuses on AI data preparation services, training data collection and creation, data annotation, and AI model deployment and integration services.