Palisades Investment Partners LLC Grows Stock Position in Innodata Inc. (NASDAQ:INOD)

Palisades Investment Partners LLC increased its position in Innodata Inc. (NASDAQ:INOD - Free Report) by 2.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 379,409 shares of the technology company's stock after purchasing an additional 10,758 shares during the quarter. Innodata makes up 6.8% of Palisades Investment Partners LLC's portfolio, making the stock its 2nd largest holding. Palisades Investment Partners LLC owned approximately 1.21% of Innodata worth $13,621,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of INOD. Invesco Ltd. lifted its holdings in shares of Innodata by 2.0% during the fourth quarter. Invesco Ltd. now owns 11,781 shares of the technology company's stock valued at $466,000 after acquiring an additional 232 shares during the period. NewEdge Advisors LLC increased its position in Innodata by 2.7% in the fourth quarter. NewEdge Advisors LLC now owns 11,300 shares of the technology company's stock worth $447,000 after purchasing an additional 300 shares during the period. AlphaQuest LLC increased its position in Innodata by 79.4% in the fourth quarter. AlphaQuest LLC now owns 1,030 shares of the technology company's stock worth $41,000 after purchasing an additional 456 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Innodata by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,374 shares of the technology company's stock worth $608,000 after purchasing an additional 533 shares during the period. Finally, Creative Financial Designs Inc. ADV acquired a new stake in Innodata in the first quarter worth about $29,000. 30.75% of the stock is owned by institutional investors.

Innodata Stock Down 5.7%

Shares of NASDAQ:INOD traded down $2.98 during trading on Friday, hitting $49.72. 1,625,113 shares of the company's stock traded hands, compared to its average volume of 1,619,115. Innodata Inc. has a 52 week low of $13.02 and a 52 week high of $71.00. The company has a current ratio of 2.36, a quick ratio of 2.36 and a debt-to-equity ratio of 0.09. The company has a market cap of $1.58 billion, a price-to-earnings ratio of 47.81 and a beta of 2.68. The company has a 50-day moving average price of $43.29 and a 200-day moving average price of $42.08.

Innodata (NASDAQ:INOD - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The technology company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.05. Innodata had a return on equity of 55.38% and a net margin of 17.53%. The business had revenue of $58.34 million for the quarter, compared to analysts' expectations of $57.64 million. The business's revenue for the quarter was up 120.1% compared to the same quarter last year. As a group, research analysts forecast that Innodata Inc. will post 0.81 EPS for the current fiscal year.

Wall Street Analyst Weigh In

INOD has been the subject of several analyst reports. 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. Wedbush decreased their target price on Innodata from $75.00 to $58.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, Innodata currently has a consensus rating of "Moderate Buy" and an average target price 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.