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

Innodata Inc. (NASDAQ:INOD)’s share price gapped up before the market opened on Friday . The stock had previously closed at $24.34, but opened at $30.34. Innodata shares last traded at $34.65, with a volume of 2,525,054 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have weighed in on INOD shares. BWS Financial boosted their target price on Innodata from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Craig Hallum initiated coverage on Innodata in a report on Tuesday, September 17th. They set a “buy” rating and a $23.00 price target for the company. StockNews.com raised Innodata to a “sell” rating in a research note on Wednesday, October 23rd. Finally, Maxim Group began coverage on shares of Innodata in a research note on Monday, July 15th. They issued a “buy” rating and a $30.00 price objective for the company. One investment analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Innodata has a consensus rating of “Moderate Buy” and a consensus price target of $27.67.

Innodata Stock Up 48.7 %

The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.24. The company has a 50 day simple moving average of $17.20 and a two-hundred day simple moving average of $15.40. The firm has a market capitalization of $1.05 billion, a P/E ratio of 387.27 and a beta of 2.30.

Institutional Trading of Innodata

A number of institutional investors and hedge funds have recently bought and sold shares of INOD. nVerses Capital LLC purchased a new position in shares of Innodata during the second quarter valued at about $27,000. Elkhorn Partners Limited Partnership bought a new position in Innodata during the first quarter valued at $94,000. Price T Rowe Associates Inc. MD grew its stake in shares of Innodata by 6.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,348 shares of the technology company’s stock worth $102,000 after buying an additional 982 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Innodata by 11.2% in the 1st quarter. BNP Paribas Financial Markets now owns 22,208 shares of the technology company’s stock worth $147,000 after buying an additional 2,230 shares during the last quarter. Finally, Private Advisor Group LLC raised its position in shares of Innodata by 17.4% during the 3rd quarter. Private Advisor Group LLC now owns 14,907 shares of the technology company’s stock valued at $250,000 after buying an additional 2,207 shares in the last quarter. 30.75% of the stock is currently owned by institutional investors.

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.