7,893 Shares in Innodata Inc. (NASDAQ:INOD) Purchased by Arizona State Retirement System

Arizona State Retirement System purchased a new stake in shares of Innodata Inc. (NASDAQ:INOD - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 7,893 shares of the technology company's stock, valued at approximately $283,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. D. E. Shaw & Co. Inc. lifted its stake in shares of Innodata by 1,718.4% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 944,611 shares of the technology company's stock valued at $37,331,000 after purchasing an additional 892,663 shares during the last quarter. Yong Rong HK Asset Management Ltd bought a new stake in shares of Innodata in the first quarter valued at about $28,548,000. Driehaus Capital Management LLC acquired a new position in Innodata in the fourth quarter worth about $16,713,000. JPMorgan Chase & Co. raised its position in Innodata by 2,038.4% in the fourth quarter. JPMorgan Chase & Co. now owns 308,095 shares of the technology company's stock worth $12,176,000 after purchasing an additional 293,687 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new position in Innodata in the fourth quarter worth about $11,283,000. 30.75% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on INOD. BWS Financial reaffirmed a "buy" rating and set a $74.00 price objective on shares of Innodata in a research note on Monday, June 16th. Wedbush cut 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. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $55.00.

Innodata Stock Up 6.2%

Shares of NASDAQ:INOD traded up $2.89 during midday trading on Friday, reaching $49.20. 1,830,174 shares of the company were exchanged, compared to its average volume of 2,089,626. Innodata Inc. has a fifty-two week low of $13.02 and a fifty-two week high of $71.00. The company has a quick ratio of 2.36, a current ratio of 2.36 and a debt-to-equity ratio of 0.09. The stock has a fifty day simple moving average of $45.63 and a two-hundred day simple moving average of $42.55. The firm has a market cap of $1.56 billion, a PE ratio of 47.31 and a beta of 2.68.

Innodata (NASDAQ:INOD - Get Free Report) last released its earnings results on Thursday, May 8th. The technology company reported $0.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.05. The business had revenue of $58.34 million for the quarter, compared to the consensus estimate of $57.64 million. Innodata had a return on equity of 55.38% and a net margin of 17.53%. The company's quarterly revenue was up 120.1% on a year-over-year basis. As a group, sell-side analysts forecast that Innodata Inc. will post 0.81 earnings per share for the current year.

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.