Innovex International (NYSE:INVX) Shares Gap Down Following Insider Selling

Innovex International, Inc. (NYSE:INVX)’s share price gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $29.25, but opened at $26.97. Innovex International shares last traded at $26.08, with a volume of 631,671 shares trading hands.

Specifically, CEO Adam Anderson sold 18,837 shares of Innovex International stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $28.50, for a total value of $536,854.50. Following the transaction, the chief executive officer directly owned 466,744 shares of the company’s stock, valued at approximately $13,302,204. The trade was a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adam Anderson sold 13,241 shares of the stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $27.00, for a total value of $357,507.00. Following the sale, the chief executive officer owned 485,581 shares of the company’s stock, valued at approximately $13,110,687. This represents a 2.65% decrease in their position. The disclosure for this sale is available in the SEC filing.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on INVX. Piper Sandler boosted their target price on Innovex International from $20.00 to $27.00 and gave the stock an “overweight” rating in a research note on Thursday, December 18th. Weiss Ratings reissued a “buy (b-)” rating on shares of Innovex International in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $20.00.

Innovex International Stock Down 11.0%

The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of 21.66 and a beta of 0.75. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.91 and a quick ratio of 2.93. The business has a fifty day moving average price of $24.28 and a two-hundred day moving average price of $20.99.

Innovex International (NYSE:INVX) last released its earnings results on Monday, February 23rd. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.09). Innovex International had a return on equity of 6.55% and a net margin of 8.52%.The firm had revenue of $273.60 million for the quarter, compared to analyst estimates of $240.00 million.

Institutional Trading of Innovex International

Large investors have recently made changes to their positions in the business. AQR Capital Management LLC acquired a new stake in shares of Innovex International during the 1st quarter worth approximately $269,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in 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 in the last quarter. Caxton Associates LLP acquired a new stake in Innovex International during the first quarter valued at $270,000. Empowered Funds LLC increased its holdings in Innovex International by 8.2% in the first quarter. Empowered Funds LLC now owns 58,131 shares of the company’s stock valued at $1,044,000 after buying an additional 4,386 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Innovex International by 11.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,225 shares of the company’s stock valued at $1,764,000 after buying an additional 10,401 shares in 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.