15 AI Stocks That Skyrocketed in Q4

11. Innodata Inc. (NASDAQ:INOD)

Number of Hedge Fund Holders: 10

Stock Price Performance in Q4 2024: ~136%

Innodata Inc. (NASDAQ:INOD) is a New Jersey-based data engineering company offering AI data preparation services, including data collection, annotation, and AI model integration. Its services cover data transformation, curation, compliance, and master data management. The company also provides Synodex, a platform for converting medical records into usable digital data, and Agility, a platform for marketing communications and media monitoring.

Innodata’s (NASDAQ:INOD) solid Q3 earnings report, reported on November 7, was one of the main reasons for the company’s stock price performance in Q4. It reported EPS of $0.51, outperforming the estimates by $0.38 and revenue of $52.22 million was up 135% year-over-year, exceeding estimates by $16.1 million. The company also raised its full-year revenue guidance and now expects between 88% and 92% year-over-year revenue growth.

In December, Wedbush analyst Dan Ives initiated coverage on Innodata (NASDAQ:INOD) with an Outperform rating and a $48 price target. The analyst highlighted Innodata’s role as a key partner for data quality and scalability, working with five of the “Magnificent 7” companies and expecting two additional deals this year. He noted:

“We believe Innodata’s expertise in data annotation and AI over its decades of experience will lead the company to be a leader in this developing space.”