Innovex International (NYSE:INVX) Given New $24.00 Price Target at Barclays

Innovex International (NYSE:INVX) had its price target raised by Barclays from $20.00 to $24.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s target price would indicate a potential downside of 6.60% from the company’s current price.

A number of other analysts have also recently commented on INVX. Weiss Ratings cut shares of Innovex International from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday. Piper Sandler boosted their target price on Innovex International from $20.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Innovex International presently has an average rating of “Moderate Buy” and an average price target of $25.50.

Innovex International Trading Down 3.1%

INVX traded down $0.84 during midday trading on Tuesday, reaching $25.70. 78,122 shares of the company were exchanged, compared to its average volume of 534,191. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.24 and a current ratio of 4.91. The stock has a market capitalization of $1.78 billion, a P/E ratio of 21.41 and a beta of 0.72. The stock’s 50-day simple moving average is $24.57 and its 200 day simple moving average is $21.24. Innovex International has a one year low of $11.93 and a one year 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 for the quarter, missing the consensus estimate of $0.29 by ($0.09). The firm had revenue of $273.60 million for the quarter, compared to the consensus estimate of $240.00 million. Innovex International had a return on equity of 6.55% and a net margin of 8.52%.

Insider Activity

In other news, Director Amberjack Capital Partners, L. sold 6,612,500 shares of Innovex International stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $24.59, for a total value of $162,601,375.00. Following the completion of the transaction, the director owned 399 shares of the company’s stock, valued at $9,811.41. This trade represents a 99.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of the company’s stock in a transaction dated 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 directly owned 399 shares in the company, valued at approximately $9,811.41. The trade was a 99.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 13,290,319 shares of company stock valued at $326,928,137 over the last three months. Corporate insiders own 43.90% of the company’s stock.

Hedge Funds Weigh In On Innovex International

A number of institutional investors have recently bought and sold shares of the business. Covestor Ltd boosted its stake in shares of Innovex International by 26,300.0% during the 3rd quarter. Covestor Ltd now owns 1,848 shares of the company’s stock worth $34,000 after acquiring an additional 1,841 shares during the period. Smartleaf Asset Management LLC lifted 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 buying an additional 511 shares in the last quarter. Strs Ohio bought a new stake in shares of Innovex International in the fourth quarter valued at about $44,000. First Horizon Advisors Inc. boosted its position in shares of Innovex International by 150.3% in the second quarter. First Horizon Advisors Inc. now owns 3,367 shares of the company’s stock valued at $53,000 after acquiring an additional 2,022 shares during the period. Finally, Westfuller Advisors LLC acquired a new position in shares of Innovex International in the third quarter valued at about $53,000.

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.