Innovex International (NYSE:INVX) Stock Price Down 6.4% – What’s Next?

Shares of Innovex International, Inc. (NYSE:INVX) were down 6.4% on Wednesday . The company traded as low as $28.09 and last traded at $28.0310. Approximately 229,229 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 513,494 shares. The stock had previously closed at $29.95.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on INVX. Zacks Research raised shares of Innovex International from a “strong sell” rating to a “hold” rating in a research note on Monday, May 18th. Weiss Ratings downgraded shares of Innovex International from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Barclays lifted their price objective 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. Citigroup started coverage on shares of Innovex International in a research note on Thursday, May 7th. They issued a “buy” rating and a $35.00 target price on the stock. Finally, Piper Sandler raised their target price on shares of Innovex International from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. Two 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 stock. Based on data from MarketBeat.com, Innovex International currently has a consensus rating of “Moderate Buy” and an average target price of $31.67.

Innovex International Stock Performance

The stock has a market cap of $1.90 billion, a PE ratio of 36.80 and a beta of 0.84. The company has a quick ratio of 3.38, a current ratio of 5.10 and a debt-to-equity ratio of 0.02. The firm has a 50 day moving average price of $26.64 and a 200 day moving average price of $24.80.

Innovex International (NYSE:INVX) last released its quarterly earnings data 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). Innovex International had a return on equity of 6.72% and a net margin of 5.31%.The business had revenue of $273.60 million during the quarter, compared to analysts’ expectations of $240.00 million. As a group, research analysts forecast that Innovex International, Inc. will post 1.44 earnings per share for the current year.

Insider Activity at Innovex International

In related news, Director Amberjack Capital Partners, L. sold 6,612,500 shares of Innovex International 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 transaction, the director directly owned 399 shares of the company’s stock, valued at $9,811.41. This trade represents a 99.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of the company’s stock in a transaction on Friday, February 27th. The stock was sold at an average price of $24.59, for a total value of $162,601,375.00. Following the sale, the director owned 399 shares of the company’s stock, valued at approximately $9,811.41. This represents a 99.99% decrease in their position. The disclosure for this sale is available in the SEC filing. 34.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Covestor Ltd lifted its stake in shares of 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 purchasing an additional 1,841 shares during the last quarter. Strs Ohio purchased a new position in Innovex International in the fourth quarter valued at about $44,000. Smartleaf Asset Management LLC raised its holdings in Innovex International by 31.2% in the third quarter. Smartleaf Asset Management LLC now owns 2,151 shares of the company’s stock worth $40,000 after purchasing an additional 511 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in Innovex International in the fourth quarter worth about $55,000. Finally, Tower Research Capital LLC TRC lifted its position in shares of Innovex International by 418.1% during the second 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.