Envestnet Asset Management Inc. Takes Position in Innodata Inc. (NASDAQ:INOD)

Key Points

• Envestnet Asset Management Inc. recently purchased 17,345 shares of Innodata Inc. for approximately $623,000, representing a 0.06% ownership stake in the company.
• Innodata's earnings report showed a significant revenue increase of 79.7% year-over-year, achieving a net income of $0.20 EPS, surpassing the consensus estimate.
• Several hedge funds have increased their stakes in Innodata, indicating growing institutional interest, with institutional investors holding 30.75% of the company's stock.

Envestnet Asset Management Inc. bought a new stake in Innodata Inc. (NASDAQ:INOD - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 17,345 shares of the technology company's stock, valued at approximately $623,000. Envestnet Asset Management Inc. owned approximately 0.06% of Innodata as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Invesco Ltd. boosted its holdings in Innodata by 2.0% during the fourth quarter. Invesco Ltd. now owns 11,781 shares of the technology company's stock worth $466,000 after buying an additional 232 shares in the last quarter. NewEdge Advisors LLC boosted its holdings in Innodata by 2.7% during the fourth quarter. NewEdge Advisors LLC now owns 11,300 shares of the technology company's stock worth $447,000 after buying an additional 300 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Innodata by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,374 shares of the technology company's stock worth $608,000 after buying an additional 533 shares in the last quarter. Creative Financial Designs Inc. ADV purchased a new stake in Innodata during the first quarter worth about $29,000. Finally, Precision Wealth Strategies LLC boosted its holdings in Innodata by 7.2% during the first quarter. Precision Wealth Strategies LLC now owns 12,646 shares of the technology company's stock worth $454,000 after buying an additional 854 shares in the last quarter. Hedge funds and other institutional investors own 30.75% of the company's stock.

Innodata Price Performance

INOD traded up $0.96 during midday trading on Friday, reaching $43.79. 973,101 shares of the company's stock were exchanged, compared to its average volume of 2,196,848. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.87 and a quick ratio of 2.36. The stock has a market capitalization of $1.39 billion, a PE ratio of 34.97 and a beta of 2.75. The business's 50-day moving average price is $47.31 and its 200 day moving average price is $43.18. Innodata Inc. has a 1-year low of $13.02 and a 1-year high of $71.00.

Innodata (NASDAQ:INOD - Get Free Report) last announced its earnings results on Thursday, July 31st. The technology company reported $0.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.09. The company had revenue of $58.39 million during the quarter, compared to analysts' expectations of $56.35 million. Innodata had a net margin of 18.71% and a return on equity of 54.27%. The company's revenue was up 79.7% on a year-over-year basis. As a group, equities analysts anticipate that Innodata Inc. will post 0.81 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Wedbush decreased their price objective on shares of Innodata from $75.00 to $58.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. BWS Financial reissued a "buy" rating and set a $74.00 price objective on shares of Innodata in a report on Monday, June 16th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Innodata presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.00.

Innodata Company Profile

Innodata Inc operates as a global data engineering company in the United States, the United Kingdom, the Netherlands, Canada, and internationally. The company operates through three segments: Digital Data Solutions (DDS), Synodex, and Agility. The DDS segment engages in the provision of artificial intelligence (AI) data preparation services; collecting or creating training data; annotating training data; and training AI algorithms for its customers, as well as AI model deployment and integration services.