Palisades Investment Partners LLC Cuts Position in Innodata Inc. $INOD

Key Points

• Palisades Investment Partners LLC reduced its stake in Innodata by 2.8%, now holding approximately 368,852 shares, which accounts for about 8.3% of their portfolio.
• Innodata reported $0.20 earnings per share for the recent quarter, exceeding analysts' estimates, and achieved a 79.7% year-over-year revenue growth.
• The stock has received a buy rating from several analysts with a target price ranging from $63.00 to $74.00, signaling optimistic forecasts for future growth.

Palisades Investment Partners LLC decreased its holdings in shares of Innodata Inc. (NASDAQ:INOD - Free Report) by 2.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 368,852 shares of the technology company's stock after selling 10,557 shares during the period. Innodata accounts for about 8.3% of Palisades Investment Partners LLC's portfolio, making the stock its 2nd biggest position. Palisades Investment Partners LLC owned 1.16% of Innodata worth $18,893,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in INOD. Wellington Management Group LLP bought a new stake in shares of Innodata during the 4th quarter valued at about $11,283,000. GAMMA Investing LLC boosted its position in shares of Innodata by 7,273.5% during the 1st quarter. GAMMA Investing LLC now owns 19,171 shares of the technology company's stock valued at $6,880,000 after purchasing an additional 18,911 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Innodata by 3.5% during the 1st quarter. Rhumbline Advisers now owns 38,100 shares of the technology company's stock valued at $1,368,000 after purchasing an additional 1,281 shares in the last quarter. Strong Tower Advisory Services bought a new stake in shares of Innodata during the 1st quarter valued at about $835,000. Finally, Hennion & Walsh Asset Management Inc. boosted its position in shares of Innodata by 40.0% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 13,151 shares of the technology company's stock valued at $472,000 after purchasing an additional 3,759 shares in the last quarter. Institutional investors own 30.75% of the company's stock.

Innodata Stock Up 2.8%

INOD stock opened at $70.52 on Friday. The stock's 50 day simple moving average is $49.34 and its 200 day simple moving average is $44.10. Innodata Inc. has a fifty-two week low of $14.79 and a fifty-two week high of $77.47. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.87 and a current ratio of 2.87. The company has a market cap of $2.25 billion, a P/E ratio of 56.87 and a beta of 2.58.

Innodata (NASDAQ:INOD - Get Free Report) last posted its quarterly 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. Innodata had a return on equity of 54.27% and a net margin of 18.71%.The business had revenue of $58.39 million for the quarter, compared to the consensus estimate of $56.35 million. Innodata's revenue for the quarter was up 79.7% on a year-over-year basis. On average, research analysts expect that Innodata Inc. will post 0.81 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, BWS Financial restated a "buy" rating and set a $74.00 target price on shares of Innodata in a research report on Monday, June 16th. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Innodata has an average rating of "Buy" and an average price target of $63.00.

Innodata 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.

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