Innovex International, Inc. (NYSE:INVX) Short Interest Down 15.5% in March

Innovex International, Inc. (NYSE:INVX) was the recipient of a large drop in short interest during the month of March. As of March 31st, there was short interest totaling 2,950,650 shares, a drop of 15.5% from the March 15th total of 3,492,028 shares. Currently, 6.6% of the shares of the company are short sold. Based on an average daily trading volume, of 559,476 shares, the short-interest ratio is currently 5.3 days.

Innovex International Price Performance

NYSE:INVX traded down $0.56 during trading hours on Friday, hitting $25.73. 354,547 shares of the stock traded hands, compared to its average volume of 457,512. The company has a quick ratio of 3.24, a current ratio of 4.91 and a debt-to-equity ratio of 0.02. Innovex International has a 1 year low of $11.93 and a 1 year high of $29.48. The company has a market cap of $1.76 billion, a price-to-earnings ratio of 21.44 and a beta of 0.75. The stock has a 50 day moving average price of $25.52 and a 200 day moving average price of $23.14.

Innovex International (NYSE:INVX) last issued its quarterly 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). 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 analysts’ expectations of $240.00 million.

Wall Street Analyst Weigh In

INVX has been the subject of several research reports. Barclays upped their price target 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, March 3rd. 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, Weiss Ratings cut shares of Innovex International from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, February 27th. One research analyst has 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. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $25.50.

Insider Transactions at Innovex International

In other news, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of the firm’s stock in a transaction on Friday, February 27th. The stock was sold at an average price of $24.59, for a total value of $162,601,375.00. Following the transaction, the director directly owned 399 shares in the company, valued at $9,811.41. This trade represents a 99.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Amberjack Capital Partners, L. sold 6,612,500 shares of the firm’s stock in a transaction on Friday, February 27th. The stock was 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 owned 399 shares in the company, valued at approximately $9,811.41. This trade represents a 99.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,257,078 shares of company stock worth $326,097,112 in the last ninety days. Insiders own 34.90% of the company’s stock.

Institutional Investors Weigh In On Innovex International

A number of institutional investors have recently bought and sold shares of the business. Evolve Private Wealth LLC increased its stake in Innovex International by 6.4% in the 1st quarter. Evolve Private Wealth LLC now owns 28,647 shares of the company’s stock worth $699,000 after buying an additional 1,732 shares in the last quarter. Dean Capital Management increased its stake in Innovex International by 2.7% in the 4th quarter. Dean Capital Management now owns 143,490 shares of the company’s stock worth $3,138,000 after buying an additional 3,834 shares in the last quarter. Invesco Ltd. lifted its holdings in Innovex International by 8.8% in the 4th quarter. Invesco Ltd. now owns 374,633 shares of the company’s stock worth $8,193,000 after purchasing an additional 30,451 shares in the last quarter. XTX Topco Ltd purchased a new position in Innovex International in the 4th quarter worth approximately $294,000. Finally, Millennium Management LLC purchased a new position in Innovex International in the 4th quarter worth approximately $600,000.

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.