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

Innovex International (NYSE:INVX) had its target price raised by stock analysts at Citigroup from $35.00 to $36.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective points to a potential upside of 26.97% from the company’s current price.

Several other equities analysts also recently commented on INVX. Zacks Research downgraded Innovex International from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 17th. Weiss Ratings raised Innovex International from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Piper Sandler boosted their price target on Innovex International from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Monday, May 18th. Jefferies Financial Group raised Innovex International to a “strong-buy” rating in a report on Friday, June 12th. Finally, Barclays increased their price objective on Innovex International from $26.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Innovex International currently has an average rating of “Moderate Buy” and an average target price of $32.75.

Innovex International Stock Performance

Shares of INVX traded down $0.33 during trading hours on Wednesday, hitting $28.35. The company had a trading volume of 86,880 shares, compared to its average volume of 523,318. The firm has a market cap of $1.98 billion, a price-to-earnings ratio of 31.78 and a beta of 0.83. The business has a fifty day moving average of $27.02 and a 200-day moving average of $26.75. Innovex International has a 12 month low of $16.29 and a 12 month high of $33.71. The company has a quick ratio of 3.32, a current ratio of 5.01 and a debt-to-equity ratio of 0.02.

Innovex International (NYSE:INVX) last announced its earnings results on Monday, August 3rd. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.31 by $0.05. Innovex International had a net margin of 6.17% and a return on equity of 7.12%. The business had revenue of $244.90 million during the quarter, compared to the consensus estimate of $241.58 million. Equities analysts anticipate that Innovex International will post 1.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Amberjack Capital Partners, L. sold 5,000,000 shares of Innovex International stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $28.71, for a total value of $143,550,000.00. Following the completion of the sale, the director directly owned 311 shares in the company, valued at approximately $8,928.81. The trade was a 99.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark Reddout sold 10,750 shares of the business’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 sale, the insider owned 134,312 shares of the company’s stock, valued at approximately $3,760,736. This trade represents a 7.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 9,975,217 shares of company stock worth $286,393,748 in the last quarter. Corporate insiders own 34.90% of the company’s stock.

Hedge Funds Weigh In On Innovex International

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INVX. Cetera Investment Advisers increased its position in Innovex International by 7.8% during the 1st quarter. Cetera Investment Advisers now owns 11,905 shares of the company’s stock worth $290,000 after purchasing an additional 865 shares in the last quarter. Lesa Sroufe & Co boosted its position in Innovex International by 1.0% in the first quarter. Lesa Sroufe & Co now owns 122,788 shares of the company’s stock valued at $2,995,000 after buying an additional 1,253 shares in the last quarter. Swiss National Bank boosted its position in Innovex International by 1.8% in the first quarter. Swiss National Bank now owns 74,900 shares of the company’s stock valued at $1,827,000 after buying an additional 1,300 shares in the last quarter. Covestor Ltd boosted its position in Innovex International by 77.7% in the fourth quarter. Covestor Ltd now owns 3,284 shares of the company’s stock valued at $72,000 after buying an additional 1,436 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Innovex International by 7.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,093 shares of the company’s stock worth $379,000 after buying an additional 1,467 shares during the last quarter.

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.