Innovex International (NYSE:INVX) Shares Gap Down – Time to Sell?

Innovex International, Inc. (NYSE:INVX)’s share price gapped down before the market opened on Friday . The stock had previously closed at $30.70, but opened at $28.45. Innovex International shares last traded at $28.47, with a volume of 712,491 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Zacks Research lowered Innovex International from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th. Citigroup assumed coverage on Innovex International in a research note on Thursday, May 7th. They issued a “buy” rating and a $35.00 price objective for the company. Barclays lifted their target price on shares of Innovex International from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Jefferies Financial Group upgraded shares of Innovex International to a “strong-buy” rating in a research report on Friday, June 12th. Finally, Weiss Ratings lowered shares of Innovex International from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $32.25.

Innovex International Stock Down 6.8%

The firm has a 50-day moving average of $26.57 and a two-hundred day moving average of $26.34. The company has a quick ratio of 3.38, a current ratio of 5.01 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $2.00 billion, a PE ratio of 32.15 and a beta of 0.83.

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

Insider Transactions at Innovex International

In other Innovex International news, insider Mark Reddout sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $30.00, for a total value of $300,000.00. Following the transaction, the insider owned 124,312 shares of the company’s stock, valued at $3,729,360. This represents a 7.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 34.90% of the company’s stock.

Institutional Investors Weigh In On Innovex International

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Simcoe Capital LLC acquired a new position in Innovex International in the 4th quarter valued at about $3,625,000. Hussman Strategic Advisors Inc. purchased a new stake in Innovex International during the fourth quarter worth about $919,000. Royce & Associates LP acquired a new stake in shares of Innovex International during the fourth quarter worth about $415,000. Avidian Wealth Enterprises LLC acquired a new stake in shares of Innovex International during the fourth quarter worth about $5,821,000. Finally, Teachers Retirement System of The State of Kentucky boosted its stake in shares of Innovex International by 614.9% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 68,102 shares of the company’s stock valued at $1,661,000 after purchasing an additional 58,576 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.