Innovex International (NYSE:INVX) Trading Up 9.6% – Should You Buy?

Innovex International, Inc. (NYSE:INVX) shares shot up 9.6% during trading on Monday . The stock traded as high as $29.35 and last traded at $29.3720. 137,332 shares traded hands during trading, a decline of 73% from the average session volume of 505,482 shares. The stock had previously closed at $26.79.

Analyst Ratings Changes

Several brokerages recently weighed in on INVX. Weiss Ratings downgraded Innovex International from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Barclays raised their price target on Innovex International from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. Zacks Research upgraded Innovex International from a “strong sell” rating to a “hold” rating in a research note on Monday, May 18th. Piper Sandler increased their price objective on shares of Innovex International from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Finally, Jefferies Financial Group assumed coverage on shares of Innovex International in a research note on Monday. They issued a “buy” rating and a $34.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $32.25.

Innovex International Price Performance

The firm has a 50-day simple moving average of $27.23 and a two-hundred day simple moving average of $25.27. The company has a market capitalization of $1.98 billion, a price-to-earnings ratio of 38.53 and a beta of 0.82. The company has a current ratio of 5.10, a quick ratio of 3.38 and a debt-to-equity ratio of 0.02.

Insider Buying and Selling

In related news, insider Mark Reddout sold 10,750 shares of Innovex International stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $28.00, for a total transaction of $301,000.00. Following the completion of the transaction, the insider directly owned 134,312 shares in the company, valued at approximately $3,760,736. This trade represents a 7.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 34.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Innovex International

Several large investors have recently made changes to their positions in INVX. Strs Ohio acquired a new stake in Innovex International during the fourth quarter valued at $44,000. Smartleaf Asset Management LLC raised its position in shares of Innovex International by 31.2% in the third quarter. Smartleaf Asset Management LLC now owns 2,151 shares of the company’s stock worth $40,000 after acquiring an additional 511 shares during the period. Aster Capital Management DIFC Ltd purchased a new stake in shares of Innovex International during the 4th quarter worth about $55,000. Covestor Ltd grew its position in shares of Innovex International by 77.7% during the 4th quarter. Covestor Ltd now owns 3,284 shares of the company’s stock valued at $72,000 after acquiring an additional 1,436 shares during the period. Finally, Tower Research Capital LLC TRC increased its stake in shares of Innovex International by 418.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,523 shares of the company’s stock valued at $55,000 after purchasing an additional 2,843 shares in the last quarter.

Innovex International Company Profile

Innovex International, Inc engages in the provision of solutions for both onshore and offshore applications within the oil and gas industry. The company was founded on September 15, 2016 and is headquartered in Humble, TX.