Blueshift Asset Management LLC Makes New $605,000 Investment in Innodata Inc. (NASDAQ:INOD)

Key Points

• Blueshift Asset Management LLC acquired 16,853 shares of Innodata Inc. during the first quarter, worth approximately $605,000, representing about 0.05% ownership of the company.
• Innodata's shares recently traded down 18.1% to $44.96, with a significant increase in trading volume compared to its average.
• The company reported earnings of $0.20 per share, exceeding analyst expectations, along with a notable 79.7% increase in quarterly revenue compared to the previous year.

Blueshift Asset Management LLC bought a new position in shares of Innodata Inc. (NASDAQ:INOD - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 16,853 shares of the technology company's stock, valued at approximately $605,000. Blueshift Asset Management LLC owned approximately 0.05% of Innodata as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Creative Financial Designs Inc. ADV acquired a new stake in Innodata during the first quarter valued at approximately $29,000. KBC Group NV acquired a new position in shares of Innodata in the 1st quarter worth approximately $52,000. Motco acquired a new position in shares of Innodata in the 1st quarter worth approximately $72,000. USA Financial Formulas boosted its holdings in shares of Innodata by 180.5% in the 1st quarter. USA Financial Formulas now owns 2,533 shares of the technology company's stock worth $91,000 after acquiring an additional 1,630 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Innodata in the 1st quarter worth approximately $177,000. 30.75% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on INOD. Wedbush reduced their target price on Innodata from $75.00 to $58.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. BWS Financial reissued a "buy" rating and issued a $74.00 target price on shares of Innodata in a report 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. According to MarketBeat.com, Innodata currently has an average rating of "Moderate Buy" and an average price target of $55.00.

Innodata Trading Down 18.1%

Shares of INOD stock traded down $9.94 on Friday, reaching $44.96. 7,499,220 shares of the stock were exchanged, compared to its average volume of 2,103,812. The stock has a market cap of $1.43 billion, a PE ratio of 36.26 and a beta of 2.75. Innodata Inc. has a one year low of $13.02 and a one year high of $71.00. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.36 and a quick ratio of 2.36. The stock has a 50 day moving average price of $46.87 and a 200 day moving average price of $43.03.

Innodata (NASDAQ:INOD - Get Free Report) last released its earnings results on Thursday, July 31st. The technology company reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.09. The company had revenue of $58.39 million during the quarter, compared to the consensus estimate of $56.35 million. Innodata had a return on equity of 59.61% and a net margin of 18.71%. The business's revenue was up 79.7% on a year-over-year basis. Equities research analysts forecast that Innodata Inc. will post 0.81 EPS for the current fiscal year.

About Innodata

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.