Acadian Asset Management LLC Reduces Holdings in Innodata Inc. $INOD

Key Points

• Acadian Asset Management LLC has reduced its stake in Innodata Inc. by 58.5%, holding now 96,771 shares worth approximately $3.47 million.
• Innodata reported an EPS of $0.20 for the last quarter, surpassing expected earnings of $0.11, and a 79.7% year-on-year revenue increase to $58.39 million.
• Wall Street analysts have a consensus buy rating for Innodata, with an average price target set at $55.00 per share.

Acadian Asset Management LLC lessened its stake in Innodata Inc. (NASDAQ:INOD - Free Report) by 58.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 96,771 shares of the technology company's stock after selling 136,415 shares during the period. Acadian Asset Management LLC owned about 0.30% of Innodata worth $3,471,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Creative Financial Designs Inc. ADV bought a new stake in Innodata in the first quarter worth about $29,000. KBC Group NV acquired a new position in shares of Innodata in the first quarter valued at $52,000. Motco bought a new stake in Innodata in the first quarter valued at $72,000. Twin Tree Management LP bought a new stake in shares of Innodata during the first quarter worth $83,000. Finally, AlphaQuest LLC boosted its holdings in Innodata by 137.2% in the first quarter. AlphaQuest LLC now owns 2,443 shares of the technology company's stock valued at $88,000 after acquiring an additional 1,413 shares during the last quarter. Institutional investors and hedge funds own 30.75% of the company's stock.

Innodata Price Performance

Shares of NASDAQ INOD opened at $62.56 on Monday. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.87 and a quick ratio of 2.87. Innodata Inc. has a fifty-two week low of $13.02 and a fifty-two week high of $71.00. The stock has a market capitalization of $1.99 billion, a PE ratio of 50.45 and a beta of 2.58. The business has a fifty day moving average price of $45.57 and a two-hundred day moving average price of $42.57.

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

Wall Street Analysts Forecast Growth

Separately, BWS Financial reaffirmed a "buy" rating and set a $74.00 price target on shares of Innodata in a research report on Monday, June 16th. Five analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $55.00.

About Innodata

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.

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