Bank of New York Mellon Corp Acquires 7,415 Shares of Innodata Inc. (NASDAQ:INOD)

Key Points

• Bank of New York Mellon Corp increased its stake in Innodata Inc. by 10.3% during the first quarter, owning approximately 0.25% of the company valued at $2.86 million.
• Innodata reported $0.22 EPS for the recent quarter, exceeding expectations by $0.05, with a 120.1% year-over-year revenue growth.
• Analysts maintain a consensus rating of "Moderate Buy" on Innodata with a target price averaging $55.00, despite a recent price adjustment by Wedbush.

Bank of New York Mellon Corp increased its stake in shares of Innodata Inc. (NASDAQ:INOD - Free Report) by 10.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 79,641 shares of the technology company's stock after buying an additional 7,415 shares during the period. Bank of New York Mellon Corp owned about 0.25% of Innodata worth $2,859,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Northern Trust Corp increased its holdings in Innodata by 9.9% during the fourth 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. Strong Tower Advisory Services purchased a new stake in Innodata during the first quarter worth about $835,000. Palisades Investment Partners LLC increased its holdings in Innodata by 6.1% during the fourth quarter. Palisades Investment Partners LLC now owns 368,651 shares of the technology company's stock worth $14,569,000 after buying an additional 21,093 shares during the last quarter. Deutsche Bank AG increased its holdings in Innodata by 47.6% during the fourth quarter. Deutsche Bank AG now owns 25,018 shares of the technology company's stock worth $989,000 after buying an additional 8,063 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in Innodata by 7.7% during the fourth quarter. Vanguard Group Inc. now owns 1,639,724 shares of the technology company's stock worth $64,802,000 after buying an additional 117,000 shares during the last quarter. Hedge funds and other institutional investors own 30.75% of the company's stock.

Innodata Price Performance

NASDAQ:INOD traded down $2.21 during mid-day trading on Tuesday, hitting $47.24. 1,921,786 shares of the stock traded hands, compared to its average volume of 2,106,625. The business's 50-day moving average price is $45.85 and its 200 day moving average price is $42.69. The company has a market cap of $1.50 billion, a PE ratio of 45.42 and a beta of 2.68. Innodata Inc. has a 12-month low of $13.02 and a 12-month 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.

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

Wall Street Analyst Weigh In

INOD has been the subject of a number of research analyst reports. Wedbush decreased their price objective on shares of Innodata from $75.00 to $58.00 and set an "outperform" rating for the company in a report on Friday, May 9th. BWS Financial reiterated a "buy" rating and issued a $74.00 target price on shares of Innodata in a research note on Monday, June 16th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently 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.