Bank of America Corp DE Acquires 62,361 Shares of Innodata Inc. $INOD

Key Points

• Bank of America more than doubled its Innodata stake in the first quarter, adding 62,361 shares to hold 102,268 shares valued at approximately $3.95 million. Institutional investors collectively own 30.75% of the company.
• Innodata reported strong quarterly results, with EPS of $0.41 versus the $0.21 consensus and revenue of $92.14 million, up 57.8% year over year. Analysts maintain a “Moderate Buy” consensus with a $130 price target.
• Company insiders have been selling shares: the CEO sold 200,000 shares and the COO sold 38,666 shares, contributing to $36.4 million in insider sales over the past three months.

Bank of America Corp DE increased its holdings in Innodata Inc. (NASDAQ:INOD - Free Report) by 156.3% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 102,268 shares of the technology company's stock after purchasing an additional 62,361 shares during the period. Bank of America Corp DE owned approximately 0.31% of Innodata worth $3,950,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. H&H International Investment LLC bought a new stake in shares of Innodata in the 1st quarter valued at about $386,000. Janus Henderson Group PLC grew its position in Innodata by 13.8% during the 1st quarter. Janus Henderson Group PLC now owns 526,012 shares of the technology company's stock worth $20,315,000 after acquiring an additional 63,779 shares during the last quarter. California State Teachers Retirement System increased its stake in Innodata by 36.8% in the 1st quarter. California State Teachers Retirement System now owns 40,611 shares of the technology company's stock worth $1,568,000 after purchasing an additional 10,927 shares during the period. Royal Bank of Canada lifted its position in Innodata by 16.7% in the first quarter. Royal Bank of Canada now owns 169,054 shares of the technology company's stock valued at $6,528,000 after purchasing an additional 24,216 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its stake in shares of Innodata by 90.5% during the first quarter. Quantinno Capital Management LP now owns 9,976 shares of the technology company's stock valued at $385,000 after purchasing an additional 4,740 shares during the period. Institutional investors own 30.75% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on INOD. Weiss Ratings cut shares of Innodata from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, July 31st. Zacks Research cut Innodata from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 11th. Wedbush boosted their price target on Innodata from $100.00 to $120.00 and gave the company an "outperform" rating in a report on Thursday, June 4th. Finally, BWS Financial reaffirmed a "top pick" rating and set a $140.00 price target on shares of Innodata in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Innodata presently has a consensus rating of "Moderate Buy" and a consensus price target of $130.00.

Insider Buying and Selling at Innodata

In other Innodata news, COO Ashok Mishra sold 38,666 shares of the stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $114.34, for a total value of $4,421,070.44. Following the transaction, the chief operating officer owned 83,179 shares of the company's stock, valued at approximately $9,510,686.86. This represents a 31.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jack Abuhoff sold 200,000 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $110.20, for a total transaction of $22,040,000.00. Following the completion of the transaction, the chief executive officer owned 1,340,456 shares in the company, valued at $147,718,251.20. This trade represents a 12.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 332,725 shares of company stock worth $36,403,107 over the last three months. Insiders own 11.80% of the company's stock.

Innodata Stock Performance

Innodata stock opened at $56.59 on Friday. Innodata Inc. has a twelve month low of $34.23 and a twelve month high of $125.14. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $1.95 billion, a P/E ratio of 42.87 and a beta of 2.92. The stock's 50 day moving average is $65.66 and its 200 day moving average is $63.23.

Innodata (NASDAQ:INOD - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The technology company reported $0.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.21 by $0.20. Innodata had a return on equity of 37.79% and a net margin of 14.66%.The business had revenue of $92.14 million during the quarter, compared to analysts' expectations of $86.31 million. During the same quarter in the previous year, the business earned $0.20 earnings per share. The firm's quarterly revenue was up 57.8% compared to the same quarter last year. On average, equities research analysts predict that Innodata Inc. will post 1.18 earnings per share for the current fiscal year.

Innodata Profile

Innodata Inc NASDAQ: INOD is a digital services and technology company that specializes in data engineering and artificial intelligence solutions. Founded in 1988 and headquartered in East Brunswick, New Jersey, the company provides structured content and digital transformation services to publishers, media companies, legal and compliance organizations, and other information-intensive industries. Innodata's platform enables clients to convert unstructured text, images and multimedia into high‐quality, machine‐readable formats that support search, analytics and AI model training.

The firm's offerings include content enrichment, metadata management, taxonomy development, digital asset management and data annotation services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source