Driehaus Capital Management LLC Purchases New Position in Innodata Inc. (NASDAQ:INOD)

Driehaus Capital Management LLC bought a new stake in Innodata Inc. (NASDAQ:INOD) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 422,894 shares of the technology company’s stock, valued at approximately $16,713,000. Driehaus Capital Management LLC owned about 1.46% of Innodata as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Jennison Associates LLC acquired a new position in Innodata during the fourth quarter worth $402,000. Vanguard Group Inc. boosted its position in Innodata by 7.7% during the fourth quarter. Vanguard Group Inc. now owns 1,639,724 shares of the technology company’s stock worth $64,802,000 after purchasing an additional 117,000 shares during the period. JPMorgan Chase & Co. raised its position in shares of Innodata by 2,038.4% in the fourth quarter. JPMorgan Chase & Co. now owns 308,095 shares of the technology company’s stock valued at $12,176,000 after purchasing an additional 293,687 shares during the period. Calamos Advisors LLC acquired a new stake in shares of Innodata in the fourth quarter worth $283,000. Finally, Wells Fargo & Company MN boosted its holdings in shares of Innodata by 256.4% during the 4th quarter. Wells Fargo & Company MN now owns 61,954 shares of the technology company’s stock worth $2,448,000 after buying an additional 44,573 shares during the period. Institutional investors and hedge funds own 30.75% of the company’s stock.

Innodata Price Performance

Shares of Innodata stock opened at $41.11 on Friday. The firm has a market cap of $1.31 billion, a P/E ratio of 48.37 and a beta of 2.75. The firm’s 50-day simple moving average is $39.06 and its 200-day simple moving average is $39.48. Innodata Inc. has a twelve month low of $9.51 and a twelve month high of $71.00. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.84 and a current ratio of 1.84.

Innodata (NASDAQ:INOD) 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 $0.20 by $0.02. Innodata had a return on equity of 66.36% and a net margin of 16.81%. The firm’s quarterly revenue was up 120.1% on a year-over-year basis. As a group, research analysts expect that Innodata Inc. will post 0.81 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Nauman Sabeeh Toor sold 196,777 shares of Innodata stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $64.40, for a total value of $12,672,438.80. Following the completion of the transaction, the director now owns 12,417 shares in the company, valued at approximately $799,654.80. The trade was a 94.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Marissa B. Espineli sold 30,000 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $65.09, for a total value of $1,952,700.00. Following the sale, the chief financial officer now owns 18,000 shares in the company, valued at approximately $1,171,620. This trade represents a 62.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 275,427 shares of company stock worth $17,790,794 over the last three months. 15.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on INOD. BWS Financial raised their price target on Innodata from $45.00 to $74.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Maxim Group upped their target price on shares of Innodata from $54.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, February 21st. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Innodata currently has an average rating of “Moderate Buy” and a consensus price target of $53.00.

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.