Bank of America Corp DE Cuts Holdings in Innodata Inc. (NASDAQ:INOD)

Bank of America Corp DE lowered its stake in Innodata Inc. (NASDAQ:INOD - Free Report) by 50.0% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 13,031 shares of the technology company's stock after selling 13,034 shares during the period. Bank of America Corp DE's holdings in Innodata were worth $515,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Northern Trust Corp grew its stake in shares of Innodata by 9.9% in the 4th quarter. Northern Trust Corp now owns 252,753 shares of the technology company's stock worth $9,989,000 after buying an additional 22,808 shares during the last quarter. Vanguard Group Inc. lifted its position in Innodata by 7.7% in the 4th quarter. Vanguard Group Inc. now owns 1,639,724 shares of the technology company's stock valued at $64,802,000 after acquiring an additional 117,000 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Innodata by 269.0% in the 4th quarter. BNP Paribas Financial Markets now owns 49,604 shares of the technology company's stock valued at $1,960,000 after acquiring an additional 36,161 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Innodata by 2,038.4% in the 4th quarter. JPMorgan Chase & Co. now owns 308,095 shares of the technology company's stock valued at $12,176,000 after acquiring an additional 293,687 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its position in Innodata by 256.4% in the 4th quarter. Wells Fargo & Company MN now owns 61,954 shares of the technology company's stock valued at $2,448,000 after acquiring an additional 44,573 shares in the last quarter. Hedge funds and other institutional investors own 30.75% of the company's stock.

Innodata Stock Performance

Innodata stock traded down $3.23 during trading on Friday, reaching $39.19. The company had a trading volume of 2,580,163 shares, compared to its average volume of 1,466,185. Innodata Inc. has a 52 week low of $12.67 and a 52 week high of $71.00. The firm's 50-day simple moving average is $38.13 and its 200 day simple moving average is $40.89. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of 46.11 and a beta of 2.65. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.15.

Innodata (NASDAQ:INOD - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The technology company reported $0.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.05. Innodata had a return on equity of 66.36% and a net margin of 16.81%. The business had revenue of $58.34 million during the quarter, compared to analyst estimates of $57.64 million. The company's revenue was up 120.1% compared to the same quarter last year. Sell-side analysts forecast that Innodata Inc. will post 0.81 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on INOD. Wedbush lowered their price objective on Innodata from $75.00 to $58.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. BWS Financial increased their price target on Innodata from $45.00 to $74.00 and gave the company a "buy" rating in a report on Friday, February 21st. Finally, Maxim Group increased their price target on Innodata from $54.00 to $75.00 and gave the company a "buy" rating in a report on Friday, February 21st. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average 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.