Innodata Inc. (NASDAQ:INOD), a data engineering company specializing in AI, saw its stock soar 5.31% in intraday trading on Monday. This surge comes after the company was recently upgraded to a Zacks Rank #2 (Buy) rating, reflecting an upward trend in its earnings estimates.
The Zacks rating system tracks a company's changing earnings picture, with upgrades and positive earnings revisions being powerful drivers of stock price movements. Innodata's upgrade to a Zacks Rank #2 signals optimism about the company's earnings outlook, which can translate into increased buying pressure and push the stock higher.
According to the report, analysts have been steadily raising their estimates for Innodata over the past three months. The company is expected to earn $0.78 per share for the fiscal year ending December 2024, representing a remarkable 2700% year-over-year increase. This significant earnings growth potential, coupled with the analyst upgrade, likely contributed to the stock's intraday surge on Monday.
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