Innodata (INOD – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Hamed Khorsand from BWS Financial maintained a Buy rating on the stock and has a $74.00 price target.
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Hamed Khorsand has given his Buy rating due to a combination of factors including Innodata’s recent engagement with a major enterprise technology provider, which signals a broadening demand for its AI services. This engagement suggests potential for significant revenue growth, as the new customer is likely a tier-one client.
Additionally, Innodata’s first quarter revenue exceeded expectations, coming in at $58.3 million compared to the estimated $57.4 million. Despite not raising guidance, the company’s fundamentals have shown improvement, which supports the Buy rating. The anticipation of increased guidance had already positively impacted the stock, reflecting market confidence in Innodata’s growth trajectory.
In another report released today, Wedbush also maintained a Buy rating on the stock with a $58.00 price target.
Based on the recent corporate insider activity of 45 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of INOD in relation to earlier this year.