Innovex International, Inc. (NYSE:INVX) Receives $25.50 Average Target Price from Analysts

Shares of Innovex International, Inc. (NYSE:INVX) have been assigned an average recommendation of “Hold” from the five analysts that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, one has issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $25.50.

A number of brokerages recently weighed in on INVX. Weiss Ratings lowered shares of Innovex International from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, February 27th. Piper Sandler raised their price objective 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. Barclays raised their price objective on shares of Innovex International from $20.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 3rd. Finally, Zacks Research cut shares of Innovex International from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 4th.

Insider Buying and Selling at Innovex International

In other Innovex International news, CEO Adam Anderson sold 18,837 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $28.50, for a total value of $536,854.50. Following the transaction, the chief executive officer directly owned 466,744 shares of the company’s stock, valued at approximately $13,302,204. This trade represents a 3.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $24.59, for a total transaction of $162,601,375.00. Following the completion of the transaction, the director directly owned 399 shares in the company, valued at approximately $9,811.41. The trade was a 99.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 13,290,319 shares of company stock valued at $326,928,137 in the last three months. Insiders own 43.90% of the company’s stock.

Hedge Funds Weigh In On Innovex International

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP grew its holdings in shares of Innovex International by 52.4% in the 3rd 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 period. SG Americas Securities LLC acquired a new position in shares of Innovex International in the 4th quarter valued at $12,702,000. Brandes Investment Partners LP grew its holdings in shares of Innovex International by 7.7% in the 2nd quarter. Brandes Investment Partners LP now owns 7,054,674 shares of the company’s stock valued at $110,194,000 after buying an additional 504,935 shares during the period. Bridgeway Capital Management LLC grew its holdings 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 valued at $5,376,000 after buying an additional 271,247 shares during the period. Finally, Avidian Wealth Enterprises LLC acquired a new position in shares of Innovex International in the 4th quarter valued at $5,821,000.

Innovex International Stock Performance

Shares of Innovex International stock opened at $24.76 on Tuesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.91 and a quick ratio of 3.24. The firm has a market cap of $1.70 billion, a P/E ratio of 20.63 and a beta of 0.75. The firm has a 50 day simple moving average of $25.35 and a 200 day simple moving average of $22.70. Innovex International has a fifty-two week low of $11.93 and a fifty-two week high of $29.48.

Innovex International (NYSE:INVX) last issued its quarterly earnings results on Monday, February 23rd. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates 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%.

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.