Innodata (NASDAQ:INOD) Shares Gap Up – Here’s What Happened

Innodata Inc. (NASDAQ:INOD) gapped up prior to trading on Thursday . The stock had previously closed at $55.84, but opened at $60.33. Innodata shares last traded at $61.6270, with a volume of 2,093,595 shares trading hands.

Wall Street Analyst Weigh In

Several research firms recently commented on INOD. Weiss Ratings lowered shares of Innodata from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, January 12th. Wedbush raised their target price on shares of Innodata from $75.00 to $90.00 and gave the company an “outperform” rating in a research note on Wednesday, October 15th. Zacks Research lowered shares of Innodata from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 9th. Finally, BWS Financial upgraded Innodata from a “buy” rating to a “top pick” rating and set a $110.00 price target for the company in a report on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $91.67.

Innodata Stock Performance

The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of 65.02 and a beta of 2.43. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08. The stock has a 50-day simple moving average of $56.61 and a 200-day simple moving average of $58.46.

Innodata (NASDAQ:INOD) last issued its quarterly earnings results on Thursday, November 6th. The technology company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. The business had revenue of $62.55 million during the quarter, compared to analyst estimates of $59.78 million. Innodata had a net margin of 14.11% and a return on equity of 41.67%. The company’s revenue for the quarter was up 19.8% on a year-over-year basis. On average, analysts anticipate that Innodata Inc. will post 0.81 earnings per share for the current year.

Insider Transactions at Innodata

In related news, Director Louise C. Forlenza sold 8,278 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $65.00, for a total transaction of $538,070.00. Following the sale, the director directly owned 3,943 shares of the company’s stock, valued at approximately $256,295. This represents a 67.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Ashok Mishra sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $61.39, for a total transaction of $12,278,000.00. Following the completion of the transaction, the chief operating officer owned 60,000 shares in the company, valued at approximately $3,683,400. The trade was a 76.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 236,372 shares of company stock worth $14,572,507. Company insiders own 15.23% of the company’s stock.

Institutional Investors Weigh In On Innodata

Several institutional investors and hedge funds have recently bought and sold shares of INOD. Farther Finance Advisors LLC acquired a new stake in shares of Innodata during the 2nd quarter worth approximately $36,000. Global Retirement Partners LLC bought a new position in Innodata during the 3rd quarter worth $50,000. IFP Advisors Inc increased 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 buying an additional 627 shares during the period. Goodman Advisory Group LLC bought a new stake in Innodata in the third quarter valued at $52,000. Finally, FNY Investment Advisers LLC lifted its stake in Innodata by 2,675.0% in the fourth quarter. FNY Investment Advisers LLC now owns 1,030 shares of the technology company’s stock valued at $52,000 after buying an additional 1,070 shares during the last quarter. 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.