Innodata (NASDAQ:INOD) Price Target Raised to $75.00

Innodata (NASDAQ:INOD) had its price objective boosted by research analysts at Maxim Group from $54.00 to $75.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Maxim Group’s price target indicates a potential upside of 21.80% from the company’s current price.

Several other research firms also recently issued reports on INOD. Wedbush assumed coverage on shares of Innodata in a research note on Thursday, December 19th. They set an “outperform” rating and a $48.00 price target for the company. Chardan Capital reiterated a “buy” rating and set a $45.00 price objective on shares of Innodata in a research report on Friday, December 13th. BWS Financial increased their price objective on shares of Innodata from $45.00 to $74.00 and gave the stock a “buy” rating in a research report on Friday. Finally, StockNews.com upgraded shares of Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Innodata currently has an average rating of “Moderate Buy” and a consensus price target of $53.00.

Innodata Trading Up 12.9 %

Shares of INOD stock traded up $7.02 during trading hours on Friday, hitting $61.58. 9,968,262 shares of the company’s stock traded hands, compared to its average volume of 1,842,087. The stock’s 50 day simple moving average is $41.05 and its 200 day simple moving average is $29.81. The stock has a market cap of $1.79 billion, a PE ratio of 104.96 and a beta of 2.57. Innodata has a 12 month low of $5.46 and a 12 month high of $71.00. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.15.

Innodata (NASDAQ:INOD) last released its quarterly earnings results on Thursday, February 20th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.20. The firm had revenue of $59.18 million during the quarter, compared to the consensus estimate of $53.01 million. Innodata had a net margin of 14.57% and a return on equity of 44.38%. On average, sell-side analysts anticipate that Innodata will post 0.62 EPS for the current year.

Insider Activity

In related news, CEO Jack Abuhoff sold 187,099 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $46.07, for a total transaction of $8,619,650.93. Following the transaction, the chief executive officer now directly owns 1,188,358 shares of the company’s stock, valued at $54,747,653.06. This trade represents a 13.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Nauman Sabeeh Toor sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $45.37, for a total transaction of $9,074,000.00. Following the transaction, the director now directly owns 319,401 shares in the company, valued at $14,491,223.37. The trade was a 38.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 559,806 shares of company stock worth $25,353,904 over the last three months. 15.23% of the stock is currently owned by insiders.

Institutional Trading of Innodata

Several hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. increased its stake in shares of Innodata by 2.0% in the fourth quarter. Invesco Ltd. now owns 11,781 shares of the technology company’s stock worth $466,000 after purchasing an additional 232 shares in the last quarter. NewEdge Advisors LLC grew its stake in Innodata by 2.7% in the 4th quarter. NewEdge Advisors LLC now owns 11,300 shares of the technology company’s stock worth $447,000 after buying an additional 300 shares in the last quarter. AlphaQuest LLC lifted its holdings in shares of Innodata by 79.4% in the 4th quarter. AlphaQuest LLC now owns 1,030 shares of the technology company’s stock worth $41,000 after acquiring an additional 456 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Innodata by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,374 shares of the technology company’s stock worth $608,000 after acquiring an additional 533 shares during the last quarter. Finally, Allworth Financial LP bought a new stake in shares of Innodata in the 4th quarter worth approximately $29,000. Institutional investors own 30.75% of the company’s stock.

About Innodata

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.