Innodata (NASDAQ:INOD) Raised to Strong-Buy at Zacks Research

Innodata (NASDAQ:INOD) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

Other research analysts have also recently issued research reports about the company. Weiss Ratings raised Innodata from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, June 3rd. BWS Financial reissued a “buy” rating on shares of Innodata in a report on Monday, June 15th. Wall Street Zen upgraded shares of Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Finally, Wedbush lifted their price objective on shares of Innodata from $100.00 to $120.00 and gave the stock an “outperform” rating in a research note on Thursday, June 4th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Innodata presently has a consensus rating of “Buy” and a consensus target price of $130.00.

Innodata Price Performance

NASDAQ INOD opened at $69.02 on Tuesday. Innodata has a 12 month low of $34.23 and a 12 month high of $125.14. The firm has a market capitalization of $2.25 billion, a PE ratio of 62.18 and a beta of 2.89. The company’s 50 day simple moving average is $86.50 and its 200 day simple moving average is $61.89. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.49 and a quick ratio of 2.49.

Innodata (NASDAQ:INOD) last issued its quarterly earnings results on Thursday, May 7th. The technology company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.34. Innodata had a return on equity of 37.49% and a net margin of 13.86%.The company had revenue of $90.10 million for the quarter, compared to analysts’ expectations of $76.47 million. During the same period last year, the firm earned $0.22 EPS. The firm’s revenue for the quarter was up 54.5% on a year-over-year basis. As a group, equities research analysts forecast that Innodata will post 1.14 EPS for the current fiscal year.

Insider Activity

In related news, CEO Jack Abuhoff sold 200,000 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $110.20, for a total transaction of $22,040,000.00. Following the transaction, the chief executive officer directly owned 1,340,456 shares in the company, valued at $147,718,251.20. The trade was a 12.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Ashok Mishra sold 242,901 shares of Innodata stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $90.15, for a total value of $21,897,525.15. Following the sale, the chief operating officer directly owned 95,179 shares in the company, valued at $8,580,386.85. The trade was a 71.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 1,472,885 shares of company stock worth $143,998,492. Insiders own 11.80% of the company’s stock.

Institutional Investors Weigh In On Innodata

Institutional investors have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Innodata in the 4th quarter valued at $26,000. Farther Finance Advisors LLC boosted its position in shares of Innodata by 506.0% during the 4th quarter. Farther Finance Advisors LLC now owns 806 shares of the technology company’s stock valued at $41,000 after acquiring an additional 673 shares in the last quarter. Fifth Third Bancorp bought a new stake in Innodata in the first quarter valued at about $45,000. IFP Advisors Inc raised its position in Innodata by 1,567.5% in the third quarter. IFP Advisors Inc now owns 667 shares of the technology company’s stock worth $51,000 after purchasing an additional 627 shares in the last quarter. Finally, Leonteq Securities AG acquired a new position in Innodata in the fourth quarter worth about $51,000. Institutional investors and hedge funds own 30.75% of the company’s stock.

About Innodata

Innodata Inc (NASDAQ: INOD) is a digital services and technology company that specializes in data engineering and artificial intelligence solutions. Founded in 1988 and headquartered in East Brunswick, New Jersey, the company provides structured content and digital transformation services to publishers, media companies, legal and compliance organizations, and other information-intensive industries. Innodata’s platform enables clients to convert unstructured text, images and multimedia into high?quality, machine?readable formats that support search, analytics and AI model training.

The firm’s offerings include content enrichment, metadata management, taxonomy development, digital asset management and data annotation services.