Innovex International (NYSE:INVX) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Innovex International (NYSE:INVX) from a buy rating to a hold rating in a research note published on Monday morning.

A number of other research firms also recently issued reports on INVX. Jefferies Financial Group upgraded Innovex International to a “strong-buy” rating in a research note on Friday, June 12th. Zacks Research downgraded Innovex International from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th. Weiss Ratings upgraded Innovex International from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Piper Sandler lifted their target price on Innovex International from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Finally, Barclays upped their price target on Innovex International from $26.00 to $27.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 11th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Innovex International presently has a consensus rating of “Moderate Buy” and an average target price of $32.50.

Innovex International Stock Down 2.3%

Innovex International stock opened at $29.45 on Monday. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of 33.09 and a beta of 0.83. The firm’s fifty day moving average price is $26.97 and its two-hundred day moving average price is $26.64. Innovex International has a 1-year low of $15.83 and a 1-year high of $33.71. The company has a current ratio of 5.01, a quick ratio of 3.32 and a debt-to-equity ratio of 0.02.

Innovex International (NYSE:INVX) last posted its earnings results on Monday, August 3rd. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.31 by $0.05. Innovex International had a net margin of 6.17% and a return on equity of 7.12%. The company had revenue of $244.90 million during the quarter, compared to the consensus estimate of $241.58 million. On average, equities research analysts predict that Innovex International will post 1.44 earnings per share for the current fiscal year.

Insider Activity at Innovex International

In other Innovex International news, insider Mark Reddout sold 10,750 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $28.00, for a total value of $301,000.00. Following the completion of the sale, the insider directly owned 134,312 shares of the company’s stock, valued at approximately $3,760,736. This represents a 7.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $28.71, for a total transaction of $142,242,747.57. Following the completion of the sale, the director owned 311 shares of the company’s stock, valued at approximately $8,928.81. This trade represents a 99.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 9,975,217 shares of company stock valued at $286,393,748 over the last ninety days. Corporate insiders own 34.90% of the company’s stock.

Hedge Funds Weigh In On Innovex International

Several institutional investors have recently modified their holdings of the business. Freestone Grove Partners LP purchased a new position in Innovex International in the second quarter worth $43,000. Strs Ohio bought a new position in Innovex International in the 4th quarter valued at $44,000. USA Financial Formulas purchased a new stake in shares of Innovex International during the 1st quarter valued at $53,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Innovex International during the 4th quarter valued at $55,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Innovex International by 418.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,523 shares of the company’s stock worth $55,000 after purchasing an additional 2,843 shares during the period.

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.