Innodata Inc. (INOD) shares ended the last trading session 14.4% higher at $63.86. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 9.6% gain over the past four weeks.
The stock recorded this price increase after Innodata announced that it was selected to offer high-quality training data and data engineering services to Palantir Technologies. This partnership highlights the rapid demand for high-quality data engineering capabilities with the rising need to deploy AI.
This company is expected to post quarterly earnings of $0.22 per share in its upcoming report, which represents a year-over-year change of -29%. Revenues are expected to be $69.74 million, up 17.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Innodata, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on INOD going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Innodata is part of the Zacks Technology Services industry. Bitdeer Technologies Group (BTDR), another stock in the same industry, closed the last trading session 5.1% lower at $13.26. BTDR has returned 24.6% in the past month.
BITDEER TEC GRP's consensus EPS estimate for the upcoming report has changed +7.7% over the past month to -$0.14. Compared to the company's year-ago EPS, this represents a change of +95.7%. BITDEER TEC GRP currently boasts a Zacks Rank of #2 (Buy).
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Innodata Inc. (INOD): Free Stock Analysis Report Bitdeer Technologies Group (BTDR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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