Innovex International (NYSE:INVX) Downgraded to Strong Sell Rating by Zacks Research

Zacks Research downgraded shares of Innovex International (NYSE:INVX) from a hold rating to a strong sell rating in a research note released on Wednesday morning,Zacks.com reports.

A number of other research analysts also recently commented on the company. Barclays increased their target price on Innovex International from $20.00 to $24.00 and gave the stock an “equal weight” rating in a report on Tuesday. Piper Sandler upped their price target on Innovex International from $20.00 to $27.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. Finally, Weiss Ratings cut Innovex International from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, February 27th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Innovex International has a consensus rating of “Hold” and an average price target of $25.50.

Innovex International Stock Up 0.1%

NYSE INVX traded up $0.03 during trading hours on Wednesday, reaching $26.95. 156,940 shares of the company traded hands, compared to its average volume of 562,247. The stock has a market capitalization of $1.86 billion, a PE ratio of 22.46 and a beta of 0.72. The company has a current ratio of 4.91, a quick ratio of 3.24 and a debt-to-equity ratio of 0.02. Innovex International has a 12 month low of $11.93 and a 12 month high of $29.48. The company has a 50 day moving average of $24.82 and a two-hundred day moving average of $21.38.

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 the consensus estimate of $0.29 by ($0.09). Innovex International had a return on equity of 6.55% and a net margin of 8.52%.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 18,837 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $28.50, for a total transaction of $536,854.50. Following the sale, the chief executive officer directly owned 466,744 shares in the company, valued at approximately $13,302,204. This represents a 3.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark Reddout sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $25.00, for a total value of $500,000.00. Following the transaction, the insider owned 129,436 shares of the company’s stock, valued at $3,235,900. This represents a 13.38% decrease in their position. 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. 43.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Innovex International

Institutional investors have recently modified their holdings of the company. Brandes Investment Partners LP grew its position in 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 purchasing an additional 504,935 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Innovex International by 5.2% during the second quarter. Geode Capital Management LLC now owns 922,305 shares of the company’s stock valued at $14,408,000 after buying an additional 45,174 shares during the last quarter. Heartland Advisors Inc. acquired a new position in shares of Innovex International during the third quarter worth approximately $3,708,000. Bank of Montreal Can bought a new position in Innovex International in the 2nd quarter worth approximately $158,000. Finally, Empowered Funds LLC grew its holdings in Innovex International by 294.6% in the 2nd quarter. Empowered Funds LLC now owns 229,378 shares of the company’s stock worth $3,583,000 after buying an additional 171,247 shares in the last quarter.

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.