Innovex International (NYSE:INVX) Sets New 1-Year High on Analyst Upgrade

Innovex International, Inc. (NYSE:INVX)’s stock price hit a new 52-week high during trading on Monday after Piper Sandler raised their price target on the stock from $33.00 to $34.00. Piper Sandler currently has an overweight rating on the stock. Innovex International traded as high as $29.88 and last traded at $29.41, with a volume of 205232 shares changing hands. The stock had previously closed at $28.00.

A number of other research analysts also recently commented on the stock. Citigroup initiated coverage on shares of Innovex International in a report on Thursday, May 7th. They issued a “buy” rating and a $35.00 price target for the company. 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. Barclays raised 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. Finally, Zacks Research lowered shares of Innovex International from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 4th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $31.67.

Insider Activity at Innovex International

In related news, CEO Adam Anderson sold 18,837 shares of Innovex International stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $28.50, for a total transaction of $536,854.50. Following the transaction, the chief executive officer directly owned 466,744 shares of the company’s stock, valued at $13,302,204. This trade represents a 3.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Amberjack Capital Partners, L. sold 6,612,500 shares of Innovex International stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $24.59, for a total transaction of $162,601,375.00. Following the transaction, the director directly owned 399 shares in the company, valued at approximately $9,811.41. The trade was a 99.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,257,078 shares of company stock valued at $326,097,112 over the last ninety days. 34.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Innovex International

Several institutional investors have recently bought and sold shares of INVX. AQR Capital Management LLC purchased a new position in Innovex International during the first quarter valued at approximately $269,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Innovex International by 7.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,093 shares of the company’s stock valued at $379,000 after acquiring an additional 1,467 shares in the last quarter. Caxton Associates LLP acquired a new stake in Innovex International in the first quarter valued at approximately $270,000. Empowered Funds LLC boosted its stake 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 acquiring an additional 4,386 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake 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 acquiring an additional 10,401 shares in the last quarter.

Innovex International Trading Up 4.5%

The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of 39.04 and a beta of 0.84. The company has a quick ratio of 3.38, a current ratio of 5.10 and a debt-to-equity ratio of 0.02. The company’s 50 day simple moving average is $26.00 and its two-hundred day simple moving average is $24.30.

Innovex International (NYSE:INVX) last announced 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 business 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 6.72% and a net margin of 5.31%. As a group, research analysts anticipate that Innovex International, Inc. will post 1.32 earnings per share for the current fiscal year.

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.