Innodata (NASDAQ:INOD) Sees Strong Trading Volume After Better-Than-Expected Earnings

Innodata Inc. (NASDAQ:INOD) shares saw strong trading volume on Friday following a better than expected earnings announcement. 4,674,120 shares were traded during mid-day trading, an increase of 182% from the previous session’s volume of 1,655,662 shares.The stock last traded at $70.35 and had previously closed at $54.56.

The technology company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.20. Innodata had a net margin of 16.81% and a return on equity of 66.36%. The business had revenue of $59.18 million during the quarter, compared to analyst estimates of $53.01 million.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Maxim Group lifted their target price on shares of Innodata from $54.00 to $75.00 and gave the company a “buy” rating in a research report on Friday. Wedbush started coverage on shares of Innodata in a research note on Thursday, December 19th. They set an “outperform” rating and a $48.00 price target on the stock. BWS Financial lifted their price target on shares of Innodata from $45.00 to $74.00 and gave the stock a “buy” rating in a research note on Friday. Chardan Capital reissued a “buy” rating and set a $45.00 price target on shares of Innodata in a research note on Friday, December 13th. Finally, StockNews.com raised shares of Innodata from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.00.

Insider Buying and Selling at Innodata

In other news, CEO Jack Abuhoff sold 187,099 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now owns 1,188,358 shares in the company, valued at approximately $54,747,653.06. The trade was a 13.60 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Nauman Sabeeh Toor sold 110,207 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $44.00, for a total transaction of $4,849,108.00. Following the sale, the director now owns 209,194 shares in the company, valued at approximately $9,204,536. This trade represents a 34.50 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 559,806 shares of company stock valued at $25,353,904. 15.23% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Innodata

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Innodata by 7.7% in the 4th quarter. Vanguard Group Inc. now owns 1,639,724 shares of the technology company’s stock worth $64,802,000 after purchasing an additional 117,000 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its stake in Innodata by 1,718.4% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 944,611 shares of the technology company’s stock worth $37,331,000 after purchasing an additional 892,663 shares in the last quarter. Geode Capital Management LLC boosted its stake in Innodata by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 613,748 shares of the technology company’s stock worth $10,294,000 after purchasing an additional 13,609 shares in the last quarter. State Street Corp boosted its stake in Innodata by 1.8% in the 3rd quarter. State Street Corp now owns 537,301 shares of the technology company’s stock worth $9,011,000 after purchasing an additional 9,408 shares in the last quarter. Finally, Driehaus Capital Management LLC bought a new position in Innodata in the 4th quarter worth about $16,713,000. Institutional investors own 30.75% of the company’s stock.

Innodata Trading Up 13.4 %

The company has a market cap of $1.79 billion, a P/E ratio of 72.81 and a beta of 2.57. The stock’s 50 day moving average is $41.60 and its 200-day moving average is $30.23. 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 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.