Innovex International (NYSE:INVX) Upgraded to “Hold” at Zacks Research

Innovex International (NYSE:INVX) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other equities analysts also recently issued reports on the stock. Barclays increased their price target on shares of Innovex International from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Weiss Ratings downgraded shares of Innovex International from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 11th. Citigroup assumed coverage on shares of Innovex International in a report on Thursday, May 7th. They set a “buy” rating and a $35.00 target price for the company. Finally, Piper Sandler raised their target price on shares of Innovex International from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Monday. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $31.67.

Innovex International Stock Up 2.9%

INVX stock opened at $31.17 on Monday. Innovex International has a one year low of $13.44 and a one year high of $32.25. The stock has a market capitalization of $2.14 billion, a PE ratio of 41.55 and a beta of 0.84. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.38 and a current ratio of 5.10. The company has a fifty day moving average of $26.15 and a 200-day moving average of $24.44.

Innovex International (NYSE:INVX) last released its earnings results on Monday, February 23rd. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.09). The firm had revenue of $273.60 million during the quarter, compared to analyst estimates of $240.00 million. Innovex International had a return on equity of 6.72% and a net margin of 5.31%. As a group, analysts expect that Innovex International will post 1.32 EPS for the current year.

Insider Transactions at Innovex International

In related news, Director Amberjack Capital Partners, L. sold 6,612,500 shares of the business’s stock in a transaction that occurred on 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of the business’s 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 approximately $9,811.41. The trade was a 99.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 13,257,078 shares of company stock worth $326,097,112 over the last ninety days. 34.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of INVX. Wellington Management Group LLP lifted its position in Innovex International by 52.4% during the third quarter. Wellington Management Group LLP now owns 2,434,808 shares of the company’s stock valued at $45,141,000 after buying an additional 837,027 shares in the last quarter. SG Americas Securities LLC acquired a new position in Innovex International during the fourth quarter valued at approximately $12,702,000. Dimensional Fund Advisors LP lifted its position in Innovex International by 14.5% during the first quarter. Dimensional Fund Advisors LP now owns 2,646,376 shares of the company’s stock valued at $64,544,000 after buying an additional 335,839 shares in the last quarter. Bank of America Corp DE lifted its position in Innovex International by 102.5% during the first quarter. Bank of America Corp DE now owns 654,265 shares of the company’s stock valued at $15,958,000 after buying an additional 331,178 shares in the last quarter. Finally, Bridgeway Capital Management LLC lifted its position in Innovex International by 371.9% during the second quarter. Bridgeway Capital Management LLC now owns 344,178 shares of the company’s stock valued at $5,376,000 after buying an additional 271,247 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.