Innodata (NASDAQ:INOD) Reaches New 12-Month High After Better-Than-Expected Earnings

Innodata Inc. (NASDAQ:INOD) hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $62.32 and last traded at $59.52, with a volume of 3240734 shares changing hands. The stock had previously closed at $58.09.

The technology company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.20. The firm had revenue of $59.18 million during the quarter, compared to analyst estimates of $53.01 million. Innodata had a net margin of 14.57% and a return on equity of 44.38%.

Wall Street Analyst Weigh In

INOD has been the topic of several recent analyst reports. Wedbush assumed coverage on Innodata in a report on Thursday, December 19th. They set an “outperform” rating and a $48.00 target price on the stock. BWS Financial boosted their price objective on Innodata from $45.00 to $74.00 and gave the stock a “buy” rating in a research note on Friday. Chardan Capital reaffirmed a “buy” rating and set a $45.00 target price on shares of Innodata in a research note on Friday, December 13th. StockNews.com upgraded shares of Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Finally, Maxim Group raised their price objective on shares of Innodata from $54.00 to $75.00 and gave the company a “buy” rating in a research report on Friday. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Innodata presently has an average rating of “Moderate Buy” and a consensus price target of $53.00.

Insider Transactions at Innodata

In other news, Director Louise C. Forlenza sold 4,000 shares of Innodata stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $45.10, for a total value of $180,400.00. Following the transaction, the director now directly owns 8,278 shares of the company’s stock, valued at $373,337.80. This trade represents a 32.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Nauman Sabeeh Toor sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $45.37, for a total transaction of $9,074,000.00. Following the completion of the sale, the director now owns 319,401 shares of the company’s stock, valued at approximately $14,491,223.37. This trade represents a 38.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 559,806 shares of company stock valued at $25,353,904 over the last three months. Company insiders own 15.23% of the company’s stock.

Institutional Trading of Innodata

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

Innodata Stock Performance

The firm’s fifty day moving average is $41.05 and its 200 day moving average is $29.81. The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of 104.90 and a beta of 2.57. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.84 and a quick ratio of 1.84.

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.