Innodata (NASDAQ:INOD) Shares Gap Up – What’s Next?

Innodata Inc. (NASDAQ:INOD) shares gapped up before the market opened on Monday . The stock had previously closed at $41.82, but opened at $45.14. Innodata shares last traded at $45.11, with a volume of 296,973 shares trading hands.

Analysts Set New Price Targets

INOD has been the subject of several recent analyst reports. Wedbush initiated coverage on shares of Innodata in a report on Thursday, December 19th. They set an “outperform” rating and a $48.00 price objective for the company. Chardan Capital reissued a “buy” rating and set a $45.00 price objective on shares of Innodata in a report on Friday, December 13th. BWS Financial raised their price objective on shares of Innodata from $45.00 to $74.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, Maxim Group raised their price target on shares of Innodata from $54.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Innodata has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Innodata Price Performance

The business’s 50-day simple moving average is $44.85 and its 200 day simple moving average is $34.70. The company has a market capitalization of $1.42 billion, a P/E ratio of 53.47 and a beta of 2.59. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.15.

Innodata (NASDAQ:INOD) last announced its quarterly earnings data on Thursday, February 20th. The technology company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.20. The company had revenue of $59.18 million for the quarter, compared to analysts’ expectations of $53.01 million. Innodata had a net margin of 16.81% and a return on equity of 66.36%. As a group, sell-side analysts anticipate that Innodata Inc. will post 0.81 EPS for the current year.

Insider Transactions at Innodata

In other news, CFO Marissa B. Espineli sold 30,000 shares of Innodata stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $65.09, for a total value of $1,952,700.00. Following the transaction, the chief financial officer now directly owns 18,000 shares of the company’s stock, valued at $1,171,620. This trade represents a 62.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Ashok Mishra sold 48,650 shares of Innodata stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $65.07, for a total transaction of $3,165,655.50. Following the completion of the transaction, the chief operating officer now directly owns 60,000 shares in the company, valued at approximately $3,904,200. This trade represents a 44.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 275,427 shares of company stock valued at $17,790,794 in the last quarter. Insiders own 15.23% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INOD. Principal Financial Group Inc. purchased a new position in Innodata during the third quarter valued at approximately $311,000. Charles Schwab Investment Management Inc. grew its position in Innodata by 2.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 76,954 shares of the technology company’s stock valued at $1,291,000 after purchasing an additional 1,843 shares in the last quarter. BNP Paribas Financial Markets grew its position in Innodata by 38.5% during the third quarter. BNP Paribas Financial Markets now owns 13,443 shares of the technology company’s stock valued at $225,000 after purchasing an additional 3,739 shares in the last quarter. Centiva Capital LP purchased a new position in Innodata during the third quarter valued at approximately $318,000. Finally, Point72 Asset Management L.P. purchased a new position in Innodata during the third quarter valued at approximately $206,000. 30.75% of the stock is owned by hedge funds and other institutional investors.

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.