Innovex International (NYSE:INVX) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen lowered shares of Innovex International (NYSE:INVX) from a buy rating to a hold rating in a research report sent to investors on Monday morning.

INVX has been the topic of several other reports. Barclays boosted their target price on Innovex International from $26.00 to $27.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 11th. Jefferies Financial Group raised Innovex International to a “strong-buy” rating in a research report on Friday, June 12th. Citigroup assumed coverage on shares of Innovex International in a research note on Thursday, May 7th. They issued a “buy” rating and a $35.00 price target on the stock. Weiss Ratings raised shares of Innovex International from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Finally, Piper Sandler increased their price objective on shares of Innovex International from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $32.50.

Innovex International Price Performance

INVX stock opened at $30.80 on Monday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.32 and a current ratio of 5.01. The firm has a 50 day moving average price of $26.92 and a 200-day moving average price of $26.58. Innovex International has a 52-week low of $15.83 and a 52-week high of $33.71. The firm has a market capitalization of $2.15 billion, a price-to-earnings ratio of 34.61 and a beta of 0.83.

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

Insider Activity at Innovex International

In related news, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of Innovex International stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $28.71, for a total value of $142,242,747.57. Following the completion of the sale, the director directly owned 311 shares in the company, valued at approximately $8,928.81. This trade represents a 99.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Amberjack Capital Partners, L. sold 5,000,000 shares of Innovex International stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $28.71, for a total value of $143,550,000.00. Following the completion of the sale, the director owned 311 shares of the company’s stock, valued at $8,928.81. The trade was a 99.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 9,975,217 shares of company stock valued at $286,393,748 over the last ninety days. Insiders own 34.90% of the company’s stock.

Institutional Trading of Innovex International

Institutional investors have recently made changes to their positions in the stock. Freestone Grove Partners LP purchased a new position in shares of Innovex International during the second quarter valued at approximately $43,000. Strs Ohio bought a new position in Innovex International during the fourth quarter valued at approximately $44,000. USA Financial Formulas purchased a new stake in Innovex International in the first quarter worth approximately $53,000. Aster Capital Management DIFC Ltd purchased a new stake in Innovex International in the fourth quarter worth approximately $55,000. Finally, Tower Research Capital LLC TRC boosted its holdings 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 purchasing an additional 2,843 shares during 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.