Bank of New York Mellon Corp Purchases 12,515 Shares of Innodata Inc. (NASDAQ:INOD)

Bank of New York Mellon Corp lifted its position in Innodata Inc. (NASDAQ:INOD) by 19.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 78,057 shares of the technology company’s stock after buying an additional 12,515 shares during the period. Bank of New York Mellon Corp owned approximately 0.27% of Innodata worth $1,158,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Victory Capital Management Inc. bought a new position in shares of Innodata in the fourth quarter worth about $53,000. Elkhorn Partners Limited Partnership bought a new position in Innodata in the 1st quarter worth $94,000. Price T Rowe Associates Inc. MD increased its stake in Innodata by 6.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,348 shares of the technology company’s stock worth $102,000 after buying an additional 982 shares in the last quarter. Private Advisor Group LLC raised its holdings in Innodata by 8.5% during the fourth quarter. Private Advisor Group LLC now owns 12,700 shares of the technology company’s stock valued at $103,000 after acquiring an additional 1,000 shares during the period. Finally, BNP Paribas Financial Markets lifted its position in shares of Innodata by 11.2% in the first quarter. BNP Paribas Financial Markets now owns 22,208 shares of the technology company’s stock valued at $147,000 after acquiring an additional 2,230 shares in the last quarter. Hedge funds and other institutional investors own 30.75% of the company’s stock.

Innodata Price Performance

Innodata stock opened at $13.95 on Friday. Innodata Inc. has a 52-week low of $5.46 and a 52-week high of $21.58. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.24. The firm’s fifty day moving average is $17.11 and its 200 day moving average is $12.65. The company has a market cap of $401.10 million, a price-to-earnings ratio of 232.50 and a beta of 2.32.

Analysts Set New Price Targets

Several brokerages recently issued reports on INOD. Craig Hallum began coverage on Innodata in a research note on Tuesday. They set a “buy” rating and a $23.00 target price on the stock. StockNews.com lowered shares of Innodata from a “hold” rating to a “sell” rating in a research report on Monday, August 12th. BWS Financial raised their target price on shares of Innodata from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Finally, Maxim Group started coverage on Innodata in a research report on Monday, July 15th. They set a “buy” rating and a $30.00 price objective for the company. One investment analyst has rated the stock with a sell rating and three have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $27.67.

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.