Wellington Management Group LLP Boosts Stock Holdings in Innodata Inc. $INOD

Key Points

• Wellington Management Group LLP increased its holdings in Innodata Inc. by 177.8%, now owning 793,041 shares worth approximately $28.47 million.
• Analysts have set a consensus target price of $55.00 for Innodata, with several firms issuing a "buy" rating.
• Innodata reported a strong quarterly performance with a 79.7% year-over-year revenue increase and an EPS of $0.20, beating expectations of $0.11.

Wellington Management Group LLP lifted its holdings in Innodata Inc. (NASDAQ:INOD - Free Report) by 177.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 793,041 shares of the technology company's stock after buying an additional 507,540 shares during the period. Wellington Management Group LLP owned approximately 2.50% of Innodata worth $28,470,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Innodata by 7.4% in the first quarter. Vanguard Group Inc. now owns 1,760,354 shares of the technology company's stock valued at $63,197,000 after purchasing an additional 120,630 shares during the last quarter. D. E. Shaw & Co. Inc. lifted its stake in Innodata by 1,718.4% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 944,611 shares of the technology company's stock valued at $37,331,000 after purchasing an additional 892,663 shares during the last quarter. Yong Rong HK Asset Management Ltd purchased a new position in Innodata in the first quarter valued at approximately $28,548,000. Driehaus Capital Management LLC purchased a new position in Innodata in the fourth quarter valued at approximately $16,713,000. Finally, Palisades Investment Partners LLC lifted its stake in Innodata by 2.9% in the first quarter. Palisades Investment Partners LLC now owns 379,409 shares of the technology company's stock valued at $13,621,000 after purchasing an additional 10,758 shares during the last quarter. Hedge funds and other institutional investors own 30.75% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on INOD shares. BWS Financial reiterated a "buy" rating and issued a $74.00 price objective on shares of Innodata in a research note on Monday, June 16th. Wedbush lowered their target price on shares of Innodata from $75.00 to $58.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Five analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $55.00.

Innodata Price Performance

Shares of Innodata stock traded down $1.40 during trading on Friday, hitting $38.11. The stock had a trading volume of 843,188 shares, compared to its average volume of 2,153,743. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of 30.70 and a beta of 2.75. Innodata Inc. has a 12 month low of $13.02 and a 12 month high of $71.00. The business's 50-day moving average is $45.95 and its 200 day moving average is $43.34. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 0.09.

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 for the quarter, topping the consensus estimate of $0.11 by $0.09. Innodata had a net margin of 18.71% and a return on equity of 54.27%. The firm had revenue of $58.39 million for the quarter, compared to analysts' expectations of $56.35 million. The company's revenue was up 79.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Innodata Inc. will post 0.81 earnings per share for the current year.

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.