Innovex International (NYSE:INVX) Price Target Raised to $34.00

Innovex International (NYSE:INVX) had its price target hoisted by research analysts at Piper Sandler from $33.00 to $34.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s target price suggests a potential upside of 16.03% from the stock’s current price.

A number of other equities research analysts also recently commented on the company. Citigroup initiated coverage on Innovex International in a research report on Thursday, May 7th. They issued a “buy” rating and a $35.00 target price on the stock. 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. Zacks Research cut shares of Innovex International from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 4th. Finally, Barclays lifted their price objective on shares of Innovex International from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $31.67.

Innovex International Price Performance

INVX traded up $1.30 during trading on Monday, hitting $29.30. 100,953 shares of the company traded hands, compared to its average volume of 504,030. The company has a market cap of $2.01 billion, a PE ratio of 39.00 and a beta of 0.84. The stock’s 50-day simple moving average is $26.00 and its two-hundred day simple moving average is $24.30. Innovex International has a 1 year low of $13.44 and a 1 year high of $29.48. The company has a current ratio of 5.10, a quick ratio of 3.38 and a debt-to-equity ratio of 0.02.

Innovex International (NYSE:INVX) last posted its earnings results on Monday, February 23rd. The company reported $0.20 earnings per share 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 net margin of 5.31% and a return on equity of 6.72%. As a group, sell-side analysts anticipate that Innovex International will post 1.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Innovex International news, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of Innovex International stock in a transaction on Friday, February 27th. The shares were sold at an average price of $24.59, for a total value of $162,601,375.00. Following the completion of 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 position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Adam Anderson sold 18,837 shares of Innovex International stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $28.50, for a total transaction of $536,854.50. Following the completion of the transaction, the chief executive officer directly owned 466,744 shares of the company’s stock, valued at $13,302,204. The trade was a 3.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 13,257,078 shares of company stock valued at $326,097,112 in the last three months. Corporate insiders own 34.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of INVX. Wellington Management Group LLP increased its position in 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 acquiring an additional 837,027 shares during the last quarter. SG Americas Securities LLC bought a new position in Innovex International during the fourth quarter valued at $12,702,000. Dimensional Fund Advisors LP increased its position in Innovex International by 14.5% during the first quarter. Dimensional Fund Advisors LP now owns 2,646,376 shares of the company’s stock valued at $64,544,000 after acquiring an additional 335,839 shares during the last quarter. Bridgeway Capital Management LLC increased its position 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 during the last quarter. Finally, Avidian Wealth Enterprises LLC bought a new position in Innovex International during the fourth quarter valued at $5,821,000.

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.