Innovex International (NYSE:INVX) Stock Price Up 9.6% – Should You Buy?

Shares of Innovex International, Inc. (NYSE:INVX) rose 9.6% during mid-day trading on Monday . The stock traded as high as $29.35 and last traded at $29.3720. Approximately 137,332 shares changed hands during trading, a decline of 73% from the average daily volume of 505,482 shares. The stock had previously closed at $26.79.

Wall Street Analyst Weigh In

INVX has been the subject of several research analyst reports. Piper Sandler raised their price target on shares of Innovex International from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. Weiss Ratings lowered shares of Innovex International from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Citigroup initiated coverage on shares of Innovex International in a research note on Thursday, May 7th. They set a “buy” rating and a $35.00 price target for the company. Jefferies Financial Group initiated coverage on shares of Innovex International in a research note on Monday. They set a “buy” rating and a $34.00 price target for the company. Finally, Wall Street Zen upgraded shares of Innovex International from a “hold” rating to a “buy” rating in a research note on Saturday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $32.25.

Innovex International Stock Performance

The company’s fifty day moving average is $27.08 and its 200 day moving average is $25.18. The company has a market capitalization of $1.99 billion, a P/E ratio of 38.57 and a beta of 0.82. The company has a current ratio of 5.10, a quick ratio of 3.38 and a debt-to-equity ratio of 0.02.

Insider Buying and Selling

In related news, insider Mark Reddout sold 10,750 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $28.00, for a total value of $301,000.00. Following the completion of the transaction, the insider directly owned 134,312 shares of the company’s stock, valued at approximately $3,760,736. This trade represents a 7.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 34.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its holdings in Innovex International by 14.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,646,376 shares of the company’s stock worth $64,544,000 after buying an additional 335,839 shares during the period. Wellington Management Group LLP boosted its holdings in 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 purchasing an additional 837,027 shares during the period. State Street Corp boosted its holdings in Innovex International by 0.7% in the 4th quarter. State Street Corp now owns 1,601,149 shares of the company’s stock valued at $35,017,000 after purchasing an additional 11,160 shares during the period. MetLife Investment Management LLC boosted its holdings in Innovex International by 2.6% in the 4th quarter. MetLife Investment Management LLC now owns 828,757 shares of the company’s stock valued at $18,125,000 after purchasing an additional 20,873 shares during the period. Finally, Bank of America Corp DE boosted its holdings in Innovex International by 102.5% in the 1st quarter. Bank of America Corp DE now owns 654,265 shares of the company’s stock valued at $15,958,000 after purchasing an additional 331,178 shares during the period.

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.