Innovex International (NYSE:INVX) Sets New 1-Year High – Here’s Why

Innovex International, Inc. (NYSE:INVX) hit a new 52-week high during trading on Tuesday . The stock traded as high as $24.58 and last traded at $24.37, with a volume of 39728 shares. The stock had previously closed at $23.56.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Piper Sandler increased their price target on shares of Innovex International from $20.00 to $27.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Innovex International in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $20.00.

Innovex International Price Performance

The firm has a market capitalization of $1.67 billion, a PE ratio of 16.53 and a beta of 0.74. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.78 and a quick ratio of 2.93. The business’s 50 day moving average is $22.42 and its two-hundred day moving average is $19.10.

Innovex International (NYSE:INVX) last released its quarterly earnings results on Monday, November 3rd. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.09). The company had revenue of $240.00 million during the quarter, compared to analysts’ expectations of $235.00 million. Innovex International had a return on equity of 8.51% and a net margin of 10.59%.

Insiders Place Their Bets

In other Innovex International news, CEO Adam Anderson sold 13,241 shares of the firm’s stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $25.00, for a total transaction of $331,025.00. Following the sale, the chief executive officer owned 498,822 shares in the company, valued at $12,470,550. This trade represents a 2.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark Reddout sold 20,000 shares of Innovex International stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $25.00, for a total value of $500,000.00. Following the sale, the insider directly owned 129,436 shares of the company’s stock, valued at approximately $3,235,900. This trade represents a 13.38% decrease in their position. The disclosure for this sale is available in the SEC filing. 43.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Innovex International

A number of hedge funds and other institutional investors have recently modified their holdings of INVX. Covestor Ltd grew its position in Innovex International by 26,300.0% during the 3rd quarter. Covestor Ltd now owns 1,848 shares of the company’s stock worth $34,000 after acquiring an additional 1,841 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Innovex International by 31.2% during the third quarter. Smartleaf Asset Management LLC now owns 2,151 shares of the company’s stock valued at $40,000 after purchasing an additional 511 shares during the period. First Horizon Advisors Inc. grew its holdings in shares of Innovex International by 150.3% in the second quarter. First Horizon Advisors Inc. now owns 3,367 shares of the company’s stock worth $53,000 after purchasing an additional 2,022 shares during the last quarter. Westfuller Advisors LLC purchased a new position in shares of Innovex International in the third quarter worth $53,000. Finally, Tower Research Capital LLC TRC raised its holdings in Innovex International by 418.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,523 shares of the company’s stock valued at $55,000 after buying an additional 2,843 shares during 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.