Innodata Inc (INOD) shares soared 5.67% in the pre-market session on Thursday, outpacing the broader market. This upward move came after Wedbush initiated coverage on the stock with an Outperform rating and a price target of $48, significantly higher than its current trading levels.

Analysts at Wedbush are bullish on Innodata, citing the company's strong positioning in the data annotation and artificial intelligence space. The initiation of coverage with an Outperform rating and a lofty price target suggests that Wedbush expects Innodata's business to perform well in the coming quarters.

Innodata provides data annotation and artificial intelligence solutions to various industries, including healthcare, financial services, and technology. The company's services are in high demand as more businesses adopt AI and machine learning technologies, which require large datasets for training and development.