Innodata (NASDAQ:INOD) Trading 6.5% Higher Following Analyst Upgrade

Innodata Inc. (NASDAQ:INOD)’s stock price rose 6.5% on Monday after BWS Financial raised their price target on the stock from $24.00 to $30.00. BWS Financial currently has a buy rating on the stock. Innodata traded as high as $20.11 and last traded at $19.75. Approximately 295,990 shares were traded during trading, a decline of 54% from the average daily volume of 647,575 shares. The stock had previously closed at $18.55.

Separately, Maxim Group started coverage on shares of Innodata in a research report on Monday, July 15th. They set a “buy” rating and a $30.00 price objective for the company.

Institutional Trading of Innodata

Several institutional investors and hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its holdings in shares of Innodata by 6.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 15,348 shares of the technology company’s stock worth $102,000 after acquiring an additional 982 shares during the last quarter. Private Advisor Group LLC lifted its stake in shares of Innodata by 8.5% in the 4th quarter. Private Advisor Group LLC now owns 12,700 shares of the technology company’s stock valued at $103,000 after purchasing an additional 1,000 shares during the period. Platform Technology Partners boosted its position in shares of Innodata by 5.2% during the 4th quarter. Platform Technology Partners now owns 28,661 shares of the technology company’s stock valued at $233,000 after purchasing an additional 1,408 shares in the last quarter. nVerses Capital LLC acquired a new stake in Innodata during the second quarter worth approximately $27,000. Finally, BNP Paribas Financial Markets increased its holdings in 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 purchasing an additional 2,230 shares in the last quarter. 30.75% of the stock is currently owned by institutional investors.

Innodata Stock Performance

The stock has a market capitalization of $575.64 million, a price-to-earnings ratio of 333.67 and a beta of 2.33. The company has a 50 day simple moving average of $16.29 and a 200-day simple moving average of $11.22. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.25.

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.