Innovex International (NYSE:INVX) Cut to Strong Sell at Zacks Research

Innovex International (NYSE:INVX) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday,Zacks.com reports.

Several other equities analysts have also commented on INVX. Piper Sandler increased their price objective on shares of Innovex International from $20.00 to $27.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. Barclays upped their target price on shares of Innovex International from $20.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday. Finally, Weiss Ratings lowered Innovex International from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, February 27th. One research analyst has 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $25.50.

Innovex International Stock Performance

NYSE:INVX opened at $26.94 on Wednesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.91 and a quick ratio of 3.24. Innovex International has a 1 year low of $11.93 and a 1 year high of $29.48. The stock’s 50 day simple moving average is $24.82 and its two-hundred day simple moving average is $21.38. The company has a market cap of $1.86 billion, a price-to-earnings ratio of 22.45 and a beta of 0.72.

Innovex International (NYSE:INVX) last posted 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 net margin of 8.52% and a return on equity of 6.55%. The firm had revenue of $273.60 million for the quarter, compared to the consensus estimate of $240.00 million.

Insider Activity

In related news, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of the stock in a transaction dated 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 sale, the director directly owned 399 shares of the company’s stock, valued at $9,811.41. This represents a 99.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark Reddout sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $25.00, for a total value of $500,000.00. Following the transaction, the insider owned 129,436 shares of the company’s stock, valued at $3,235,900. This trade represents a 13.38% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 13,290,319 shares of company stock worth $326,928,137. Insiders own 43.90% of the company’s stock.

Institutional Investors Weigh In On Innovex International

Several hedge funds and other institutional investors have recently modified their holdings of INVX. Brandes Investment Partners LP boosted its holdings in Innovex International by 7.7% during the 2nd 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 during the period. Geode Capital Management LLC lifted its position in shares of Innovex International by 5.2% during the second quarter. Geode Capital Management LLC now owns 922,305 shares of the company’s stock worth $14,408,000 after purchasing an additional 45,174 shares during the last quarter. Heartland Advisors Inc. bought a new stake in shares of Innovex International during the third quarter worth $3,708,000. Bank of Montreal Can purchased a new stake in shares of Innovex International during the second quarter valued at $158,000. Finally, Empowered Funds LLC grew its holdings in shares of Innovex International by 294.6% in the second quarter. Empowered Funds LLC now owns 229,378 shares of the company’s stock worth $3,583,000 after purchasing an additional 171,247 shares during the last quarter.

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.