Innovex International (NYSE:INVX) Sees Unusually-High Trading Volume – Should You Buy?

Innovex International, Inc. (NYSE:INVX) shares saw an uptick in trading volume on Monday . 777,401 shares changed hands during mid-day trading, an increase of 101% from the previous session’s volume of 386,308 shares.The stock last traded at $26.5550 and had previously closed at $25.47.

Analyst Upgrades and Downgrades

A number of brokerages have commented on INVX. Weiss Ratings reissued a “buy (b-)” rating on shares of Innovex International in a report on Monday, December 29th. Piper Sandler lifted their target price on Innovex International from $20.00 to $27.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Innovex International has an average rating of “Moderate Buy” and an average target price of $20.00.

Innovex International Trading Up 6.9%

The stock’s 50 day simple moving average is $23.90 and its two-hundred day simple moving average is $20.77. The stock has a market capitalization of $1.88 billion, a PE ratio of 18.53 and a beta of 0.75. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.78 and a quick ratio of 2.93.

Innovex International (NYSE:INVX) last issued its quarterly earnings results on Monday, February 23rd. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.09). The company had revenue of $273.60 million for the quarter, compared to analysts’ expectations of $240.00 million. Innovex International had a return on equity of 8.51% and a net margin of 10.59%.

Insider Buying and Selling at Innovex International

In other Innovex International news, insider Mark Reddout sold 20,000 shares of the business’s stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $25.00, for a total value of $500,000.00. Following the sale, the insider directly owned 129,436 shares in the company, valued at $3,235,900. The trade was a 13.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Adam Anderson sold 13,241 shares of the company’s stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $25.00, for a total value of $331,025.00. Following the transaction, the chief executive officer directly owned 498,822 shares in the company, valued at $12,470,550. This represents a 2.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 43.90% of the company’s stock.

Hedge Funds Weigh In On Innovex International

Several hedge funds have recently made changes to their positions in INVX. Wellington Management Group LLP increased its position in shares of Innovex International by 52.4% during the third 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 bought a new position in shares of Innovex International in the fourth quarter valued at approximately $12,702,000. Brandes Investment Partners LP grew its stake in Innovex International by 7.7% during the second quarter. Brandes Investment Partners LP now owns 7,054,674 shares of the company’s stock valued at $110,194,000 after acquiring an additional 504,935 shares in the last quarter. Bridgeway Capital Management LLC grew its stake in Innovex International by 371.9% during the second quarter. Bridgeway Capital Management LLC now owns 344,178 shares of the company’s stock valued at $5,376,000 after acquiring an additional 271,247 shares in the last quarter. Finally, Avidian Wealth Enterprises LLC bought a new stake in Innovex International during the 4th quarter worth approximately $5,821,000.

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.