Innovex International (NYSE:INVX) Price Target Raised to $27.00

Innovex International (NYSE:INVX) had its target price lifted by Barclays from $26.00 to $27.00 in a research note released on Tuesday morning, MarketBeat reports. The firm currently has an equal weight rating on the stock.

Several other research analysts have also recently weighed in on the stock. Piper Sandler upped their price target on shares of Innovex International from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. Citigroup started coverage on Innovex International in a research report on Thursday, May 7th. They set a “buy” rating and a $35.00 price target for the company. Jefferies Financial Group upgraded shares of Innovex International to a “strong-buy” rating in a research report on Friday, June 12th. Wall Street Zen raised shares of Innovex International from a “hold” rating to a “buy” rating in a report on Sunday, August 9th. Finally, Zacks Research cut shares of Innovex International from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Innovex International currently has an average rating of “Moderate Buy” and a consensus target price of $32.50.

Innovex International Price Performance

INVX stock opened at $30.78 on Tuesday. The firm has a 50 day moving average of $26.79 and a 200-day moving average of $26.50. The company has a current ratio of 5.01, a quick ratio of 3.32 and a debt-to-equity ratio of 0.02. Innovex International has a 12 month low of $15.83 and a 12 month high of $33.71. The firm has a market capitalization of $2.15 billion, a P/E ratio of 34.59 and a beta of 0.83.

Innovex International (NYSE:INVX) last posted its earnings results on Monday, August 3rd. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.05. Innovex International had a net margin of 6.17% and a return on equity of 7.12%. The business had revenue of $244.90 million for the quarter, compared to analyst estimates of $241.58 million. As a group, sell-side analysts predict that Innovex International will post 1.44 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Mark Reddout sold 10,750 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $28.00, for a total value of $301,000.00. Following the completion of the sale, the insider owned 134,312 shares in the company, valued at $3,760,736. The trade was a 7.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $28.71, for a total value of $142,242,747.57. Following the completion of the sale, the director directly owned 311 shares of the company’s stock, valued at approximately $8,928.81. This represents a 99.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 9,975,217 shares of company stock worth $286,393,748. 34.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Innovex International

Hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC bought a new position in shares of Innovex International during the 1st quarter valued at $269,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Innovex International by 7.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,093 shares of the company’s stock worth $379,000 after purchasing an additional 1,467 shares during the last quarter. Caxton Associates LLP bought a new stake in Innovex International in the first quarter worth $270,000. Empowered Funds LLC boosted its position in Innovex International by 8.2% during the first quarter. Empowered Funds LLC now owns 58,131 shares of the company’s stock valued at $1,044,000 after buying an additional 4,386 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Innovex International by 11.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,225 shares of the company’s stock valued at $1,764,000 after buying an additional 10,401 shares during the period.

About Innovex International

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.