Yong Rong HK Asset Management Ltd Buys Shares of 795,200 Innodata Inc. (NASDAQ:INOD)

Yong Rong HK Asset Management Ltd acquired a new stake in shares of Innodata Inc. (NASDAQ:INOD - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 795,200 shares of the technology company's stock, valued at approximately $28,548,000. Innodata comprises approximately 6.6% of Yong Rong HK Asset Management Ltd's portfolio, making the stock its 5th biggest holding. Yong Rong HK Asset Management Ltd owned about 2.54% of Innodata at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Innodata by 7.7% during the 4th quarter. Vanguard Group Inc. now owns 1,639,724 shares of the technology company's stock valued at $64,802,000 after acquiring an additional 117,000 shares during the last quarter. D. E. Shaw & Co. Inc. increased its position in Innodata by 1,718.4% during 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 in the last quarter. Driehaus Capital Management LLC acquired a new stake in Innodata during the 4th quarter worth approximately $16,713,000. Palisades Investment Partners LLC increased its position in Innodata by 6.1% during the 4th quarter. Palisades Investment Partners LLC now owns 368,651 shares of the technology company's stock worth $14,569,000 after purchasing an additional 21,093 shares in the last quarter. Finally, Ameriprise Financial Inc. increased 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 purchasing an additional 242,871 shares in the last quarter. Institutional investors and hedge funds own 30.75% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on INOD. BWS Financial reissued a "buy" rating and set a $74.00 target price on shares of Innodata in a research report on Monday, June 16th. Wedbush dropped their target price on shares of 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $55.00.

Innodata Stock Up 1.7%

NASDAQ:INOD traded up $0.86 during trading hours on Monday, hitting $50.99. The stock had a trading volume of 1,730,378 shares, compared to its average volume of 1,597,164. 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 1-year low of $13.02 and a 1-year high of $71.00. The business has a 50 day simple moving average of $42.02 and a two-hundred day simple moving average of $41.78. The company has a market cap of $1.62 billion, a PE ratio of 49.03 and a beta of 2.68.

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