Innodata (NASDAQ:INOD) Trading Up 11.9% After Analyst Upgrade
by Doug Wharley · The Cerbat GemInnodata Inc. (NASDAQ:INOD – Get Free Report)’s stock price was up 11.9% on Thursday after Wedbush raised their price target on the stock from $100.00 to $120.00. Wedbush currently has an outperform rating on the stock. Innodata traded as high as $119.80 and last traded at $121.1930. Approximately 863,375 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 1,594,701 shares. The stock had previously closed at $108.27.
INOD has been the topic of several other reports. BWS Financial reiterated a “top pick” rating and issued a $110.00 target price on shares of Innodata in a report on Friday, April 10th. Weiss Ratings lowered shares of Innodata from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, May 19th. Finally, Wall Street Zen upgraded shares of Innodata from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Innodata has a consensus rating of “Moderate Buy” and an average target price of $115.00.
Read Our Latest Stock Report on INOD
Insider Activity at Innodata
In other Innodata news, Director Louise C. Forlenza sold 18,000 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $94.47, for a total value of $1,700,460.00. Following the transaction, the director directly owned 3,943 shares of the company’s stock, valued at approximately $372,495.21. The trade was a 82.03% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Marissa B. Espineli sold 19,667 shares of the stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $105.88, for a total transaction of $2,082,341.96. Following the transaction, the chief financial officer owned 28,014 shares in the company, valued at approximately $2,966,122.32. The trade was a 41.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,178,826 shares of company stock worth $112,016,456 over the last 90 days. 11.80% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the stock. Arizona State Retirement System increased its position in Innodata by 2.4% during the 3rd quarter. Arizona State Retirement System now owns 9,386 shares of the technology company’s stock worth $723,000 after purchasing an additional 217 shares in the last quarter. Glenmede Trust Co. NA increased its position in Innodata by 3.5% during the 1st quarter. Glenmede Trust Co. NA now owns 7,336 shares of the technology company’s stock worth $283,000 after purchasing an additional 248 shares in the last quarter. Prosperity Wealth Management Inc. increased its position in Innodata by 4.0% during the 3rd quarter. Prosperity Wealth Management Inc. now owns 10,500 shares of the technology company’s stock worth $809,000 after purchasing an additional 400 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Innodata by 5.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,703 shares of the technology company’s stock worth $392,000 after buying an additional 418 shares in the last quarter. Finally, Texas Yale Capital Corp. lifted its stake in Innodata by 5.5% during the fourth quarter. Texas Yale Capital Corp. now owns 8,440 shares of the technology company’s stock worth $430,000 after purchasing an additional 440 shares during the last quarter. 30.75% of the stock is currently owned by hedge funds and other institutional investors.
Innodata Price Performance
The company has a 50 day moving average of $62.81 and a 200-day moving average of $55.98. The stock has a market capitalization of $3.96 billion, a P/E ratio of 110.10 and a beta of 2.83. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 0.07.
Innodata (NASDAQ:INOD – Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The technology company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.34. The firm had revenue of $90.10 million for the quarter, compared to analysts’ expectations of $76.47 million. Innodata had a return on equity of 37.49% and a net margin of 13.86%.Innodata’s revenue was up 54.5% on a year-over-year basis. During the same quarter last year, the business posted $0.22 EPS. Sell-side analysts predict that Innodata Inc. will post 0.99 EPS for the current year.
Innodata Company Profile
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.