LPL Financial LLC Buys 30,499 Shares of Innodata Inc. $INOD

Key Points

• LPL Financial LLC increased its holdings in Innodata Inc. by 156.0% during the first quarter, owning a total of 50,044 shares valued at around $1,797,000.
• Innodata reported a 79.7% revenue increase for the last quarter, with earnings per share beating estimates at $0.20 compared to a $0.11 consensus.
• Wall Street analysts have a consensus Buy rating on Innodata with an average price target of $55.00, despite some brokerages adjusting their target price.

LPL Financial LLC increased its stake in Innodata Inc. (NASDAQ:INOD - Free Report) by 156.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 50,044 shares of the technology company's stock after purchasing an additional 30,499 shares during the period. LPL Financial LLC owned approximately 0.16% of Innodata worth $1,797,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in INOD. D. E. Shaw & Co. Inc. boosted its stake in Innodata by 1,718.4% in the 4th 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 acquired a new position in Innodata in the 1st quarter worth $28,548,000. Driehaus Capital Management LLC acquired a new position in Innodata in the 4th quarter worth $16,713,000. Wellington Management Group LLP acquired a new position in Innodata in the 4th quarter worth $11,283,000. Finally, Ameriprise Financial Inc. lifted its position in Innodata by 322.9% during the 4th quarter. Ameriprise Financial Inc. now owns 318,096 shares of the technology company's stock worth $13,649,000 after buying an additional 242,871 shares in the last quarter. 30.75% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have commented on INOD. Wedbush cut their price target on shares of 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 reissued a "buy" rating and set a $74.00 price target on shares of Innodata in a research report on Monday, June 16th. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $55.00.

Innodata Stock Performance

Shares of INOD stock traded up $0.43 on Tuesday, reaching $38.25. The stock had a trading volume of 1,042,722 shares, compared to its average volume of 2,705,362. The company has a quick ratio of 2.87, a current ratio of 2.87 and a debt-to-equity ratio of 0.09. The firm's 50-day moving average is $46.23 and its two-hundred day moving average is $43.40. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 30.85 and a beta of 2.75. Innodata Inc. has a 12 month low of $13.02 and a 12 month high of $71.00.

Innodata (NASDAQ:INOD - Get Free Report) last issued its earnings results on Thursday, July 31st. The technology company reported $0.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.11 by $0.09. The company had revenue of $58.39 million for the quarter, compared to analysts' expectations of $56.35 million. Innodata had a net margin of 18.71% and a return on equity of 54.27%. The firm's revenue was up 79.7% on a year-over-year basis. On average, research analysts expect 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.