Insider Selling: Innovex International (NYSE:INVX) Director Sells 6,612,500 Shares of Stock

Innovex International, Inc. (NYSE:INVX) Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of Innovex International stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $24.59, for a total transaction of $162,601,375.00. Following the completion of the sale, the director owned 399 shares of the company’s stock, valued at $9,811.41. This trade represents a 99.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Innovex International Stock Down 1.0%

Shares of INVX traded down $0.26 during mid-day trading on Friday, hitting $26.39. 793,219 shares of the company’s stock were exchanged, compared to its average volume of 631,851. The stock has a market cap of $1.82 billion, a price-to-earnings ratio of 21.99 and a beta of 0.75. The firm has a fifty day moving average of $24.48 and a two-hundred day moving average of $21.10. The company has a quick ratio of 2.93, a current ratio of 4.91 and a debt-to-equity ratio of 0.02. Innovex International, Inc. has a twelve month low of $11.93 and a twelve month high of $29.48.

Innovex International (NYSE:INVX) last released its quarterly earnings data on Monday, February 23rd. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.09). The business had revenue of $273.60 million during the quarter, compared to analyst estimates of $240.00 million. Innovex International had a net margin of 8.52% and a return on equity of 6.55%.

Hedge Funds Weigh In On Innovex International

Large investors have recently bought and sold shares of the stock. Brandes Investment Partners LP raised its holdings in shares of Innovex International by 7.7% in the 2nd quarter. Brandes Investment Partners LP now owns 7,054,674 shares of the company’s stock worth $110,194,000 after buying an additional 504,935 shares in the last quarter. Geode Capital Management LLC grew its position in Innovex International by 5.2% in the second quarter. Geode Capital Management LLC now owns 922,305 shares of the company’s stock valued at $14,408,000 after acquiring an additional 45,174 shares during the period. Bank of Montreal Can acquired a new position in Innovex International during the second quarter worth $158,000. Empowered Funds LLC lifted its holdings in shares of Innovex International by 294.6% during the second quarter. Empowered Funds LLC now owns 229,378 shares of the company’s stock valued at $3,583,000 after acquiring an additional 171,247 shares during the period. Finally, Heartland Advisors Inc. acquired a new stake in shares of Innovex International in the 3rd quarter valued at $3,708,000.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on INVX shares. Piper Sandler boosted their target price on Innovex International from $20.00 to $27.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. Weiss Ratings restated a “buy (b-)” rating on shares of Innovex International in a research note 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 assigned a Sell rating to the company. Based on data from MarketBeat, Innovex International currently has an average rating of “Moderate Buy” and a consensus price target of $20.00.

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.