Innovex International (NYSE:INVX) Stock Price Expected to Rise, Barclays Analyst Says

Innovex International (NYSE:INVX) had its price target raised by equities researchers at Barclays from $20.00 to $24.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price objective would indicate a potential downside of 6.60% from the stock’s current price.

A number of other equities research analysts also recently issued reports on the stock. Piper Sandler increased their price objective on shares of Innovex International from $20.00 to $27.00 and gave the stock an “overweight” rating in a research note on Thursday, December 18th. Weiss Ratings lowered shares of Innovex International from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Innovex International presently has a consensus rating of “Moderate Buy” and an average target price of $25.50.

Innovex International Price Performance

Shares of INVX stock traded down $0.84 during trading on Tuesday, hitting $25.70. The company had a trading volume of 78,122 shares, compared to its average volume of 534,191. The firm has a market capitalization of $1.78 billion, a P/E ratio of 21.41 and a beta of 0.72. Innovex International has a one year low of $11.93 and a one year high of $29.48. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.24 and a current ratio of 4.91. The stock’s 50-day moving average price is $24.57 and its 200 day moving average price is $21.24.

Innovex International (NYSE:INVX) last announced its quarterly earnings data 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). The company had revenue of $273.60 million during the quarter, compared to analyst estimates of $240.00 million. Innovex International had a net margin of 8.52% and a return on equity of 6.55%.

Insider Activity at Innovex International

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 value of $500,000.00. Following the sale, the insider owned 129,436 shares in the company, valued at $3,235,900. This trade represents a 13.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Adam Anderson sold 18,837 shares of the business’s stock in a transaction 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. The trade was a 3.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 13,290,319 shares of company stock valued at $326,928,137 in the last quarter. 43.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Innovex International

Large investors have recently bought and sold shares of the company. Covestor Ltd grew its holdings in shares of Innovex International by 26,300.0% during the third quarter. Covestor Ltd now owns 1,848 shares of the company’s stock worth $34,000 after purchasing an additional 1,841 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Innovex International by 31.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 2,151 shares of the company’s stock worth $40,000 after buying an additional 511 shares during the period. Strs Ohio bought a new stake in Innovex International during the 4th quarter worth approximately $44,000. First Horizon Advisors Inc. increased its position in Innovex International by 150.3% in the 2nd quarter. First Horizon Advisors Inc. now owns 3,367 shares of the company’s stock valued at $53,000 after acquiring an additional 2,022 shares during the period. Finally, Westfuller Advisors LLC bought a new position in shares of Innovex International during the third quarter valued at $53,000.

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.