KLP Kapitalforvaltning AS Takes Position in Innodata Inc. (NASDAQ:INOD)

Key Points

• KLP Kapitalforvaltning AS has acquired a new stake in Innodata Inc., purchasing 5,300 shares valued at approximately $190,000 during the first quarter.
• Innodata's shares have declined by 18.1%, currently trading at $44.96, despite the company posting earnings of $0.20 per share, beating expectations.
• Analysts have set a consensus price target of $55.00 for Innodata, with several firms rating the stock as a "Moderate Buy" and some target prices as high as $74.00.

KLP Kapitalforvaltning AS purchased a new stake in Innodata Inc. (NASDAQ:INOD - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,300 shares of the technology company's stock, valued at approximately $190,000.

Several other hedge funds also recently added to or reduced their stakes in INOD. D. E. Shaw & Co. Inc. lifted its holdings in shares of Innodata by 1,718.4% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 944,611 shares of the technology company's stock worth $37,331,000 after purchasing an additional 892,663 shares during the period. Yong Rong HK Asset Management Ltd purchased a new stake in Innodata during the 1st quarter worth about $28,548,000. Driehaus Capital Management LLC purchased a new stake in Innodata during the 4th quarter worth about $16,713,000. JPMorgan Chase & Co. increased its position in Innodata by 2,038.4% during the 4th quarter. JPMorgan Chase & Co. now owns 308,095 shares of the technology company's stock worth $12,176,000 after purchasing an additional 293,687 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new position in shares of Innodata during the 4th quarter valued at about $11,283,000. 30.75% of the stock is currently owned by hedge funds and other institutional investors.

Innodata Stock Performance

INOD traded down $3.29 during trading on Monday, reaching $41.67. 5,138,833 shares of the company were exchanged, compared to its average volume of 2,193,694. The stock has a market cap of $1.33 billion, a P/E ratio of 33.59 and a beta of 2.75. The firm has a 50 day moving average of $46.87 and a 200 day moving average of $43.07. The company has a current ratio of 2.36, a quick ratio of 2.36 and a debt-to-equity ratio of 0.09. Innodata Inc. has a 52 week low of $13.02 and a 52 week high of $71.00.

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on INOD. BWS Financial reiterated a "buy" rating and set a $74.00 target price on shares of Innodata in a report on Monday, June 16th. Wedbush cut their target price on Innodata from $75.00 to $58.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $55.00.

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.