Zacks Research Upgrades Innodata (NASDAQ:INOD) to Strong-Buy

Innodata (NASDAQ:INOD) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

A number of other research firms have also recently weighed in on INOD. Wedbush boosted their price objective on shares of Innodata from $100.00 to $120.00 and gave the company an “outperform” rating in a research report on Thursday, June 4th. Wall Street Zen upgraded shares of Innodata from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Weiss Ratings raised shares of Innodata from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, June 3rd. Finally, BWS Financial reiterated a “buy” rating on shares of Innodata in a report on Monday, June 15th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $130.00.

Innodata Trading Down 0.9%

Innodata stock opened at $69.02 on Tuesday. Innodata has a 1 year low of $34.23 and a 1 year high of $125.14. The firm’s 50 day moving average price is $86.50 and its 200-day moving average price is $61.89. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.49 and a quick ratio of 2.49. The stock has a market cap of $2.25 billion, a P/E ratio of 62.18 and a beta of 2.89.

Innodata (NASDAQ:INOD) last announced its quarterly earnings results on Thursday, May 7th. The technology company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.34. Innodata had a return on equity of 37.49% and a net margin of 13.86%.The company had revenue of $90.10 million during the quarter, compared to analyst estimates of $76.47 million. During the same period in the prior year, the company earned $0.22 earnings per share. The firm’s revenue was up 54.5% on a year-over-year basis. On average, equities analysts predict that Innodata will post 1.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Ashok Mishra sold 38,666 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $114.34, for a total transaction of $4,421,070.44. Following the sale, the chief operating officer owned 83,179 shares in the company, valued at approximately $9,510,686.86. The trade was a 31.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jack Abuhoff sold 200,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $110.20, for a total transaction of $22,040,000.00. Following the sale, the chief executive officer directly owned 1,340,456 shares in the company, valued at approximately $147,718,251.20. This represents a 12.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,472,885 shares of company stock worth $143,998,492 over the last quarter. Company insiders own 11.80% of the company’s stock.

Institutional Investors Weigh In On Innodata

Several hedge funds have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Innodata during the 4th quarter worth about $26,000. Farther Finance Advisors LLC boosted its holdings in Innodata by 506.0% in the 4th quarter. Farther Finance Advisors LLC now owns 806 shares of the technology company’s stock worth $41,000 after buying an additional 673 shares during the last quarter. Fifth Third Bancorp purchased a new stake in Innodata during the 1st quarter worth approximately $45,000. IFP Advisors Inc increased its stake in Innodata by 1,567.5% during the 3rd quarter. IFP Advisors Inc now owns 667 shares of the technology company’s stock worth $51,000 after buying an additional 627 shares in the last quarter. Finally, Leonteq Securities AG acquired a new position in shares of Innodata during the fourth quarter valued at approximately $51,000. 30.75% of the stock is owned by hedge funds and other institutional investors.

About Innodata

Innodata Inc (NASDAQ: INOD) is a digital services and technology company that specializes in data engineering and artificial intelligence solutions. Founded in 1988 and headquartered in East Brunswick, New Jersey, the company provides structured content and digital transformation services to publishers, media companies, legal and compliance organizations, and other information-intensive industries. Innodata’s platform enables clients to convert unstructured text, images and multimedia into high?quality, machine?readable formats that support search, analytics and AI model training.

The firm’s offerings include content enrichment, metadata management, taxonomy development, digital asset management and data annotation services.