Innodata (NASDAQ:INOD) Shares Gap Up – Should You Buy?

Innodata Inc. (NASDAQ:INOD) gapped up prior to trading on Friday . 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.

Analyst Ratings Changes

A number of equities analysts recently commented on INOD shares. Craig Hallum started coverage on Innodata in a report on Tuesday, September 17th. They set a “buy” rating and a $23.00 target price for the company. Maxim Group initiated coverage on shares of Innodata in a report on Monday, July 15th. They issued a “buy” rating and a $30.00 price objective for the company. BWS Financial lifted their target price on shares of Innodata from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Finally, StockNews.com raised shares of Innodata to a “sell” rating in a research note on Wednesday, October 23rd. One analyst has rated the stock with a sell rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $27.67.

Innodata Trading Up 48.7 %

The stock has a market cap of $1.05 billion, a P/E ratio of 387.27 and a beta of 2.30. The stock’s fifty day moving average price is $17.20 and its 200 day moving average price is $15.40. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.24.

Institutional Investors Weigh In On Innodata

A number of institutional investors have recently modified their holdings of the stock. nVerses Capital LLC bought a new position in Innodata in the 2nd quarter worth about $27,000. Elkhorn Partners Limited Partnership bought a new position in shares of Innodata in the first quarter worth approximately $94,000. Private Advisor Group LLC grew its holdings in shares of Innodata by 17.4% during the third quarter. Private Advisor Group LLC now owns 14,907 shares of the technology company’s stock valued at $250,000 after buying an additional 2,207 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Innodata by 6.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 15,348 shares of the technology company’s stock valued at $102,000 after buying an additional 982 shares during the last quarter. Finally, Principal Financial Group Inc. purchased a new position in Innodata in the 3rd quarter worth approximately $311,000. 30.75% of the stock is owned by hedge funds and other institutional investors.

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.