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

Shares of Innodata Inc. (NASDAQ:INOD) gapped up prior to trading 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 traded.

INOD has been the subject of a number of other research reports. Maxim Group started 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. Craig Hallum assumed coverage on shares of Innodata in a research report on Tuesday, September 17th. They set a “buy” rating and a $23.00 target price for the company. Finally, BWS Financial lifted their price target on shares of Innodata from $30.00 to $45.00 and gave the stock a “buy” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $32.67.

Hedge Funds Weigh In On Innodata

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Innodata by 2.0% in the first quarter. Vanguard Group Inc. now owns 1,460,430 shares of the technology company’s stock worth $9,639,000 after acquiring an additional 28,173 shares during the period. Janus Henderson Group PLC bought a new position in Innodata in the 1st quarter worth about $8,142,000. Deerfield Management Company L.P. Series C grew its holdings in Innodata by 309.5% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 111,814 shares of the technology company’s stock valued at $1,658,000 after buying an additional 84,509 shares in the last quarter. Marshall Wace LLP increased its position in shares of Innodata by 83.9% during the second quarter. Marshall Wace LLP now owns 85,395 shares of the technology company’s stock valued at $1,266,000 after buying an additional 38,954 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Innodata by 19.1% in the second quarter. Bank of New York Mellon Corp now owns 78,057 shares of the technology company’s stock worth $1,158,000 after buying an additional 12,515 shares in the last quarter. Institutional investors own 30.75% of the company’s stock.

Innodata Stock Performance

The business’s fifty day moving average price is $17.71 and its 200-day moving average price is $15.73. The stock has a market capitalization of $1.24 billion, a PE ratio of 475.39 and a beta of 2.30. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.45 and a quick 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.