Innodata (NASDAQ:INOD) Sees Large Volume Increase After Earnings Beat

Shares of Innodata Inc. (NASDAQ:INOD) saw unusually-strong trading volume on Friday following a better than expected earnings announcement. Approximately 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 for the quarter, beating analysts’ consensus estimates of $0.11 by $0.20. Innodata had a return on equity of 44.38% and a net margin of 14.57%. The business had revenue of $59.18 million during the quarter, compared to the consensus estimate of $53.01 million.

Analysts Set New Price Targets

Several brokerages recently issued reports on INOD. StockNews.com upgraded Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Chardan Capital reaffirmed a “buy” rating and issued a $45.00 price target on shares of Innodata in a research note on Friday, December 13th. BWS Financial raised their target price on Innodata from $30.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, Wedbush began coverage on shares of Innodata in a research report on Thursday, December 19th. They issued an “outperform” rating and a $48.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $38.20.

Insider Buying and Selling at Innodata

In other Innodata news, COO Ashok Mishra sold 58,500 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $44.97, for a total transaction of $2,630,745.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Nauman Sabeeh Toor sold 110,207 shares of Innodata stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $44.00, for a total value of $4,849,108.00. Following the completion of the transaction, the director now owns 209,194 shares in the company, valued at $9,204,536. The trade was a 34.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 559,806 shares of company stock worth $25,353,904 over the last ninety days. 15.23% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Innodata

Institutional investors and hedge funds have recently bought and sold shares of the stock. Palisades Investment Partners LLC lifted its holdings in shares of Innodata by 6.1% during the 4th quarter. Palisades Investment Partners LLC now owns 368,651 shares of the technology company’s stock worth $14,569,000 after acquiring an additional 21,093 shares during the period. Two Sigma Investments LP bought a new stake in Innodata during the fourth quarter worth about $5,282,000. State of Wyoming acquired a new stake in shares of Innodata during the fourth quarter worth approximately $250,000. ProShare Advisors LLC bought a new position in shares of Innodata in the fourth quarter valued at approximately $301,000. Finally, Nuveen Asset Management LLC grew its position in Innodata by 20.6% during the 4th quarter. Nuveen Asset Management LLC now owns 312,639 shares of the technology company’s stock worth $12,355,000 after acquiring an additional 53,376 shares during the last quarter. Institutional investors own 30.75% of the company’s stock.

Innodata Price Performance

The stock has a fifty day moving average of $41.05 and a two-hundred day moving average of $29.81. 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 stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of 117.41 and a beta of 2.57.

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.