Innovex International (NYSE:INVX) Upgraded by Zacks Research to Hold Rating

Innovex International (NYSE:INVX) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Several other analysts have also recently issued reports on the stock. Piper Sandler upped their price target on shares of Innovex International from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Monday. Weiss Ratings cut shares of Innovex International from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 11th. Barclays upped their price target on shares of Innovex International from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Finally, Citigroup began coverage on shares of Innovex International in a research note on Thursday, May 7th. They set a “buy” rating and a $35.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $31.67.

Innovex International Price Performance

Shares of INVX stock opened at $31.17 on Monday. The company has a market capitalization of $2.14 billion, a PE ratio of 41.55 and a beta of 0.84. The firm has a fifty day simple moving average of $26.15 and a 200-day simple moving average of $24.44. The company has a current ratio of 5.10, a quick ratio of 3.38 and a debt-to-equity ratio of 0.02. Innovex International has a twelve month low of $13.44 and a twelve month high of $32.25.

Innovex International (NYSE:INVX) last announced its earnings results 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 firm had revenue of $273.60 million during the quarter, compared to analysts’ expectations of $240.00 million. Innovex International had a net margin of 5.31% and a return on equity of 6.72%. Equities research analysts anticipate that Innovex International will post 1.32 earnings per share for the current fiscal year.

Insider Transactions at Innovex International

In other news, CEO Adam Anderson sold 18,837 shares of the company’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $28.50, for a total transaction of $536,854.50. Following the completion of the transaction, the chief executive officer owned 466,744 shares in the company, valued at approximately $13,302,204. This represents a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amberjack Capital Partners, L. sold 6,612,500 shares of the company’s stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $24.59, for a total transaction of $162,601,375.00. Following the completion of the sale, the director directly owned 399 shares of the company’s stock, valued at $9,811.41. The trade was a 99.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 13,257,078 shares of company stock worth $326,097,112. Insiders own 34.90% of the company’s stock.

Institutional Investors Weigh In On Innovex International

Institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new stake in Innovex International in the 4th quarter valued at about $12,702,000. Heartland Advisors Inc. acquired a new stake in Innovex International in the 3rd quarter valued at about $3,708,000. Fisher Asset Management LLC lifted its stake in Innovex International by 69.0% during the third quarter. Fisher Asset Management LLC now owns 228,887 shares of the company’s stock valued at $4,244,000 after buying an additional 93,412 shares in the last quarter. Citigroup Inc. lifted its stake in Innovex International by 79.8% during the third quarter. Citigroup Inc. now owns 197,020 shares of the company’s stock valued at $3,653,000 after buying an additional 87,458 shares in the last quarter. Finally, Avidian Wealth Enterprises LLC purchased a new stake in Innovex International during the fourth quarter valued at 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.