Innodata (NASDAQ:INOD) Shares Gap Up – Time to Buy?

Innodata Inc. (NASDAQ:INOD)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $53.84, but opened at $58.03. Innodata shares last traded at $58.20, with a volume of 1,349,060 shares.

Analysts Set New Price Targets

Several equities research analysts have recently commented on INOD shares. Chardan Capital reiterated a “buy” rating and set a $45.00 price objective on shares of Innodata in a research note on Friday, December 13th. BWS Financial lifted their price objective on shares of Innodata from $30.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Wedbush started coverage on shares of Innodata in a report on Thursday, December 19th. They set an “outperform” rating and a $48.00 target price for the company. Finally, StockNews.com raised shares of Innodata from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $38.20.

Innodata Stock Down 8.3 %

The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of 92.48 and a beta of 2.57. The firm’s fifty day simple moving average is $40.66 and its two-hundred day simple moving average is $29.64.

Innodata (NASDAQ:INOD) last posted its earnings results on Thursday, February 20th. The technology company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.20. Innodata had a net margin of 14.57% and a return on equity of 44.38%. Sell-side analysts anticipate that Innodata Inc. will post 0.62 EPS for the current year.

Insider Buying and Selling at Innodata

In other news, COO Ashok Mishra sold 58,500 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $44.97, for a total value of $2,630,745.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Jack Abuhoff sold 187,099 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $46.07, for a total transaction of $8,619,650.93. Following the completion of the transaction, the chief executive officer now owns 1,188,358 shares in the company, valued at approximately $54,747,653.06. This represents a 13.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 559,806 shares of company stock worth $25,353,904 in the last ninety days. 15.23% of the stock is owned by insiders.

Hedge Funds Weigh In On Innodata

Large investors have recently made changes to their positions in the stock. Invesco Ltd. increased its stake in Innodata by 2.0% during the 4th quarter. Invesco Ltd. now owns 11,781 shares of the technology company’s stock worth $466,000 after buying an additional 232 shares during the period. NewEdge Advisors LLC increased its stake in Innodata by 2.7% during 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 during the period. AlphaQuest LLC increased its stake in Innodata by 79.4% during the 4th quarter. AlphaQuest LLC now owns 1,030 shares of the technology company’s stock worth $41,000 after buying an additional 456 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Innodata by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,374 shares of the technology company’s stock worth $608,000 after buying an additional 533 shares during the period. Finally, Allworth Financial LP purchased a new stake in Innodata during the 4th quarter worth approximately $29,000. 30.75% of the stock is currently owned by institutional investors and hedge funds.

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.