Innovex International (NYSE:INVX) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Innovex International (NYSE:INVX) from a strong sell rating to a hold rating in a report released on Monday morning,Zacks.com reports.

INVX has been the topic of several other research reports. Barclays boosted their price target on Innovex International from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Citigroup began coverage on Innovex International in a research note on Thursday, May 7th. They issued a “buy” rating and a $35.00 price target on the stock. Weiss Ratings cut Innovex International from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Finally, Piper Sandler boosted their price target on Innovex International from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Monday. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $31.67.

Innovex International Price Performance

Shares of NYSE:INVX opened at $31.17 on Monday. The company has a market cap of $2.14 billion, a P/E ratio of 41.55 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. Innovex International has a 52 week low of $13.44 and a 52 week high of $32.25. The business has a fifty day simple moving average of $26.15 and a 200-day simple moving average of $24.44.

Innovex International (NYSE:INVX) last posted its quarterly earnings results on Monday, February 23rd. The company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.09). Innovex International had a net margin of 5.31% and a return on equity of 6.72%. The firm had revenue of $273.60 million for the quarter, compared to analysts’ expectations of $240.00 million. Equities research analysts forecast that Innovex International will post 1.32 EPS for the current year.

Insider Buying and Selling

In other Innovex International news, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of the stock in a transaction on Friday, February 27th. The stock was sold at an average price of $24.59, for a total transaction of $162,601,375.00. Following the completion of the transaction, the director directly owned 399 shares of the company’s stock, valued at approximately $9,811.41. This trade represents a 99.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Adam Anderson sold 18,837 shares of the 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 SEC filing for this sale provides additional information. Insiders sold 13,257,078 shares of company stock valued at $326,097,112 in the last three months. 34.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Innovex International

Hedge funds have recently modified their holdings of the business. Covestor Ltd lifted its holdings in shares of Innovex International by 26,300.0% in the third quarter. Covestor Ltd now owns 1,848 shares of the company’s stock valued at $34,000 after purchasing an additional 1,841 shares in the last quarter. Strs Ohio purchased a new stake in shares of Innovex International in the fourth quarter valued at $44,000. Smartleaf Asset Management LLC lifted its holdings in shares of Innovex International by 31.2% in the third quarter. Smartleaf Asset Management LLC now owns 2,151 shares of the company’s stock valued at $40,000 after purchasing an additional 511 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Innovex International in the fourth quarter valued at $55,000. Finally, Westfuller Advisors LLC purchased a new stake in shares of Innovex International in the third quarter valued at $53,000.

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.