Innodata's Price Target Increased to $75.00

Innodata (NASDAQ:INOD) has experienced a significant revision in its target price, as research analysts from Maxim Group announced an increase from $54.00 to $75.00 in their recent report released to investors on Friday. This adjustment comes alongside a "buy" rating for the technology company's shares, indicating optimism among analysts about Innodata's future performance.

The new price target suggested by Maxim Group signifies a potential upside of 21.80% compared to the current trading price of the company's stock.

Performance of Other Analysts

In addition to Maxim Group, several other research firms have also provided updates regarding Innodata's stock. For instance, Wedbush initiated coverage with an "outperform" rating and set a price target of $48.00 on December 19th. Similarly, Chardan Capital reaffirmed a "buy" rating, with a price objective of $45.00, in their report issued on December 13th. BWS Financial also increased their price target for Innodata from $45.00 to $74.00, maintaining a "buy" recommendation.

Furthermore, StockNews.com recently upgraded Innodata's shares from a "sell" rating to a "hold" rating. At present, one research analyst has given a hold rating, while five analysts have assigned a buy rating to the company. According to the average rating from MarketBeat.com, Innodata holds a "Moderate Buy" designation, with a consensus price target of $53.00.

Innodata's Stock Movement

On the trading front, shares of INOD saw a notable increase of 12.9% during trading on Friday, climbing by $7.02 to reach $61.58. Trading volume was significant, with 9,968,262 shares changing hands, contrasting with its average volume of 1,842,087. The stock has recently established a 50-day simple moving average of $41.05 and a 200-day simple moving average of $29.81. Additionally, Innodata has a market capitalization of $1.79 billion, a price-to-earnings (PE) ratio of 104.96, and a beta of 2.57. The stock's performance over the last year shows a low of $5.46 and a peak of $71.00.

Recent Earnings Report

On February 20th, Innodata released its quarterly earnings, reporting earnings per share (EPS) of $0.31, which surpassed analysts' consensus estimate of $0.11 by $0.20 per share. The company generated revenue of $59.18 million, which also exceeded the consensus forecast of $53.01 million. Innodata's financial health is showcased through its net margin of 14.57% and return on equity of 44.38%. Analysts predict an EPS of 0.62 for the current fiscal year.

Insider Trading Activity

In related news, there have been several transactions involving company insiders. CEO Jack Abuhoff sold 187,099 shares on November 25th for an average price of $46.07, totaling over $8.6 million. After this sale, Abuhoff retains ownership of 1,188,358 shares, worth approximately $54.7 million. Additionally, Director Nauman Sabeeh Toor sold 200,000 shares on December 4th at an average price of $45.37, resulting in a transaction worth $9.07 million. Insiders have offloaded 559,806 shares worth over $25 million in the last three months, resulting in insider ownership of about 15.23% of the company’s stock.

Institutional Ownership Trends

Several institutional investors have modified their positions in Innodata recently. Invesco Ltd. increased its stake by 2.0% during the fourth quarter and now owns 11,781 shares, valued at $466,000. NewEdge Advisors LLC also boosted its holdings by 2.7%, now owning 11,300 shares worth $447,000. Meanwhile, AlphaQuest LLC raised its investment by 79.4%, acquiring 1,030 shares for $41,000. MIRAE ASSET GLOBAL ETFS HOLDINGS increased its stake as well, now holding 15,374 shares, after picking up an additional 533 shares. Collectively, institutional investors currently own approximately 30.75% of Innodata's stock.

About Innodata

Innodata Inc. operates as a global data engineering company, providing services primarily in the United States, the United Kingdom, the Netherlands, Canada, and internationally. The company operates in three segments: Digital Data Solutions (DDS), Synodex, and Agility. Its DDS segment focuses on artificial intelligence data preparation, including activities like collecting or creating training data, annotating it, and training AI algorithms for clients, alongside AI model deployment and integration services.

Innodata, Stock, Investment