Bank of New York Mellon Corp Invests $7.26 Million in Innodata Inc. $INOD

Key Points

• Bank of New York Mellon purchased 96,083 Innodata shares worth approximately $7.26 million, acquiring a 0.29% stake. Institutional investors collectively own 30.75% of the company.
• Innodata reported quarterly EPS of $0.41, beating estimates of $0.21, while revenue rose 57.8% year over year to $92.14 million.
• Analyst sentiment remains positive but mixed, with a consensus “Moderate Buy” rating and an average price target of $130.00; meanwhile, CEO Jack Abuhoff sold 200,000 shares for $22.04 million.

Bank of New York Mellon Corp purchased a new stake in Innodata Inc. (NASDAQ:INOD - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 96,083 shares of the technology company's stock, valued at approximately $7,262,000. Bank of New York Mellon Corp owned 0.29% of Innodata as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of INOD. Janus Henderson Group PLC grew its stake in Innodata by 13.8% during the first quarter. Janus Henderson Group PLC now owns 526,012 shares of the technology company's stock valued at $20,315,000 after acquiring an additional 63,779 shares in the last quarter. Bleakley Financial Group LLC purchased a new stake in Innodata in the 4th quarter worth approximately $900,000. Next Century Growth Investors LLC lifted its stake in Innodata by 107.5% in the 4th quarter. Next Century Growth Investors LLC now owns 365,835 shares of the technology company's stock worth $18,639,000 after purchasing an additional 189,488 shares in the last quarter. UBS Group AG boosted its holdings in Innodata by 37.1% in the 4th quarter. UBS Group AG now owns 350,928 shares of the technology company's stock valued at $17,880,000 after purchasing an additional 95,002 shares during the period. Finally, Meridian Wealth Management LLC boosted its holdings in Innodata by 237.6% in the 4th quarter. Meridian Wealth Management LLC now owns 41,927 shares of the technology company's stock valued at $2,136,000 after purchasing an additional 29,509 shares during the period. 30.75% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Innodata

In related news, CEO Jack Abuhoff sold 200,000 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $110.20, for a total transaction of $22,040,000.00. Following the transaction, the chief executive officer owned 1,340,456 shares of the company's stock, valued at approximately $147,718,251.20. This trade represents a 12.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 11.80% of the company's stock.

Analysts Set New Price Targets

INOD has been the topic of several research analyst reports. Zacks Research cut shares of Innodata from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 11th. Wedbush lifted their price objective on Innodata from $100.00 to $120.00 and gave the company an "outperform" rating in a research note on Thursday, June 4th. Weiss Ratings cut Innodata from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, July 31st. Finally, BWS Financial restated a "top pick" rating and issued a $140.00 target price on shares of Innodata in a research note on Friday, August 7th. One 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 an average price target of $130.00.

Innodata Price Performance

INOD opened at $55.04 on Friday. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $1.89 billion, a P/E ratio of 41.70 and a beta of 2.88. The stock has a 50-day moving average price of $63.41 and a 200-day moving average price of $63.61. Innodata Inc. has a 12-month low of $34.23 and a 12-month high of $125.14.

Innodata (NASDAQ:INOD - Get Free Report) last issued its earnings results on Thursday, August 6th. The technology company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.20. The business had revenue of $92.14 million during the quarter, compared to analyst estimates of $86.31 million. Innodata had a return on equity of 37.79% and a net margin of 14.66%.Innodata's revenue for the quarter was up 57.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.20 earnings per share. Equities 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.

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