Innodata (NASDAQ:INOD) Shares Gap Up Following Analyst Upgrade

Innodata Inc. (NASDAQ:INOD)’s share price gapped up before the market opened on Friday after StockNews.com upgraded the stock to a sell rating. 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.

INOD has been the subject of several other research reports. BWS Financial boosted their price objective on Innodata from $30.00 to $45.00 and gave the stock a “buy” rating in a report on Friday. Craig Hallum started coverage on shares of Innodata in a report on Tuesday, September 17th. They issued a “buy” rating and a $23.00 price target on the stock. Finally, Maxim Group assumed coverage on shares of Innodata in a report on Monday, July 15th. They set 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 given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $32.67.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Innodata by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 1,460,430 shares of the technology company’s stock valued at $9,639,000 after purchasing an additional 28,173 shares in the last quarter. Rathbones Group PLC purchased a new stake in Innodata during the second quarter valued at about $916,000. Price T Rowe Associates Inc. MD grew its stake in shares of Innodata by 6.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 15,348 shares of the technology company’s stock valued at $102,000 after buying an additional 982 shares during the last quarter. Deerfield Management Company L.P. Series C increased its holdings in shares of Innodata by 309.5% in the second quarter. Deerfield Management Company L.P. Series C now owns 111,814 shares of the technology company’s stock worth $1,658,000 after buying an additional 84,509 shares during the period. Finally, BNP Paribas Financial Markets increased its holdings in shares of Innodata by 11.2% in the first 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 period. 30.75% of the stock is owned by hedge funds and other institutional investors.

Innodata Stock Performance

The company has a market cap of $1.24 billion, a P/E ratio of 475.39 and a beta of 2.30. The business has a 50 day moving average price of $17.71 and a two-hundred day moving average price of $15.73. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.45 and a current ratio of 1.45.

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.