Innovex International (NYSE:INVX) Hits New 12-Month High – Here’s Why

Shares of Innovex International, Inc. (NYSE:INVX) hit a new 52-week high during trading on Tuesday . The company traded as high as $27.28 and last traded at $27.24, with a volume of 1509723 shares. The stock had previously closed at $25.47.

Wall Street Analysts Forecast Growth

Several brokerages have commented on INVX. Weiss Ratings restated a “buy (b-)” rating on shares of Innovex International in a report on Monday, December 29th. Piper Sandler lifted their target price on shares of Innovex International from $20.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.00.

Innovex International Stock Performance

The company has a market capitalization of $1.88 billion, a PE ratio of 18.53 and a beta of 0.75. The company has a 50 day moving average of $23.99 and a two-hundred day moving average of $20.84. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.78 and a quick ratio of 2.93.

Innovex International (NYSE:INVX) last announced its quarterly earnings data on Monday, February 23rd. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.09). Innovex International had a net margin of 10.59% and a return on equity of 8.51%. The firm had revenue of $273.60 million for the quarter, compared to analysts’ expectations of $240.00 million.

Insider Activity

In other Innovex International news, insider Mark Reddout sold 20,000 shares of the firm’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 transaction of $500,000.00. Following the completion of the transaction, the insider owned 129,436 shares of the company’s stock, valued at approximately $3,235,900. This trade represents a 13.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Adam Anderson sold 13,241 shares of Innovex International stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $25.00, for a total transaction of $331,025.00. Following the transaction, the chief executive officer owned 498,822 shares of the company’s stock, valued at $12,470,550. The trade was a 2.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 43.90% of the company’s stock.

Institutional Trading of Innovex International

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP raised its stake in Innovex International by 52.4% during the third quarter. Wellington Management Group LLP now owns 2,434,808 shares of the company’s stock valued at $45,141,000 after buying an additional 837,027 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Innovex International during the fourth quarter valued at $12,702,000. Brandes Investment Partners LP increased its holdings in shares of Innovex International by 7.7% during the second quarter. Brandes Investment Partners LP now owns 7,054,674 shares of the company’s stock valued at $110,194,000 after acquiring an additional 504,935 shares in the last quarter. Bridgeway Capital Management LLC raised its position in shares of Innovex International by 371.9% in the 2nd quarter. Bridgeway Capital Management LLC now owns 344,178 shares of the company’s stock worth $5,376,000 after purchasing an additional 271,247 shares during the last quarter. Finally, Avidian Wealth Enterprises LLC bought a new position in Innovex International in the 4th quarter worth about $5,821,000.

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.