Innovex International (NYSE:INVX) Reaches New 12-Month High – Time to Buy?

Shares of Innovex International, Inc. (NYSE:INVX) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $33.71 and last traded at $31.8330, with a volume of 1317472 shares. The stock had previously closed at $28.30.

Analysts Set New Price Targets

INVX has been the topic of several recent research reports. Barclays increased their price objective on Innovex International from $24.00 to $26.00 and gave the company an “equal weight” rating in a research report 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. Piper Sandler boosted their price objective on shares of Innovex International from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. Weiss Ratings cut shares of Innovex International from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Finally, Citigroup initiated coverage on shares of Innovex International in a research report on Thursday, May 7th. They issued a “buy” rating and a $35.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $32.25.

Innovex International Price Performance

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 firm’s fifty day moving average price is $26.57 and its 200-day moving average price is $26.34. The stock has a market cap of $2.14 billion, a P/E ratio of 34.43 and a beta of 0.83.

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

Insider Transactions at Innovex International

In related news, insider Mark Reddout sold 10,750 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $28.00, for a total transaction of $301,000.00. Following the transaction, the insider owned 134,312 shares in the company, valued at $3,760,736. The trade was a 7.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 34.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Innovex International

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Strs Ohio bought a new position in Innovex International in the 4th quarter worth $44,000. USA Financial Formulas purchased a new position in shares of Innovex International during the first quarter valued at about $53,000. Aster Capital Management DIFC Ltd bought a new position in Innovex International in the fourth quarter worth about $55,000. Tower Research Capital LLC TRC raised its stake in Innovex International by 418.1% in the second quarter. Tower Research Capital LLC TRC now owns 3,523 shares of the company’s stock worth $55,000 after buying an additional 2,843 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in Innovex International by 77.7% in the fourth quarter. Covestor Ltd now owns 3,284 shares of the company’s stock worth $72,000 after buying an additional 1,436 shares during the period.

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.