Innovex International (NYSE:INVX) Sets New 1-Year High – Should You Buy?

Innovex International, Inc. (NYSE:INVX) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $27.28 and last traded at $27.24, with a volume of 1509723 shares trading hands. The stock had previously closed at $25.47.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Piper Sandler lifted their price target on Innovex International from $20.00 to $27.00 and gave the stock an “overweight” rating in a research note on Thursday, December 18th. Weiss Ratings reissued a “buy (b-)” rating on shares of Innovex International in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Innovex International Trading Up 6.9%

The firm’s 50-day simple moving average is $23.99 and its 200-day simple moving average is $20.84. The firm has a market capitalization of $1.88 billion, a PE ratio of 18.53 and a beta of 0.75. The company has a quick ratio of 2.93, a current ratio of 4.78 and a debt-to-equity ratio of 0.02.

Innovex International (NYSE:INVX) last released its earnings results on Monday, February 23rd. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.09). Innovex International had a net margin of 10.59% and a return on equity of 8.51%. The company had revenue of $273.60 million during the quarter, compared to the consensus estimate of $240.00 million.

Insider Buying and Selling

In other news, CEO Adam Anderson sold 13,241 shares of the stock in a transaction that occurred on Wednesday, January 14th. The stock was sold at an average price of $25.00, for a total transaction of $331,025.00. Following the completion of the sale, the chief executive officer owned 498,822 shares of the company’s stock, valued at approximately $12,470,550. This represents a 2.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark Reddout sold 20,000 shares of Innovex International stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $25.00, for a total transaction of $500,000.00. Following the completion of the transaction, the insider directly owned 129,436 shares in the company, valued at approximately $3,235,900. The trade was a 13.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 43.90% of the company’s stock.

Hedge Funds Weigh In On Innovex International

Hedge funds and other institutional investors have recently modified their holdings of the company. Smartleaf Asset Management LLC boosted its holdings in shares of Innovex International by 31.2% during the third quarter. Smartleaf Asset Management LLC now owns 2,151 shares of the company’s stock worth $40,000 after purchasing an additional 511 shares during the period. Lesa Sroufe & Co raised its position in Innovex International by 0.5% during the 3rd quarter. Lesa Sroufe & Co now owns 114,980 shares of the company’s stock valued at $2,132,000 after purchasing an additional 561 shares during the last quarter. Intech Investment Management LLC lifted its holdings in Innovex International by 4.4% in the 2nd quarter. Intech Investment Management LLC now owns 23,452 shares of the company’s stock worth $366,000 after buying an additional 978 shares during the period. Arizona State Retirement System grew its position in shares of Innovex International by 10.9% in the 3rd quarter. Arizona State Retirement System now owns 11,226 shares of the company’s stock worth $208,000 after buying an additional 1,104 shares during the last quarter. Finally, Covestor Ltd increased its stake in shares of Innovex International by 77.7% during the fourth quarter. Covestor Ltd now owns 3,284 shares of the company’s stock valued at $72,000 after buying an additional 1,436 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.