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

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

A number of other research firms have also weighed in on INVX. Citigroup began coverage on shares of Innovex International in a research note on Thursday, May 7th. They issued a “buy” rating and a $35.00 price objective on the stock. Piper Sandler boosted their target price on shares of Innovex International from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. Weiss Ratings lowered shares of Innovex International from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 11th. Zacks Research cut shares of Innovex International from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 17th. Finally, Jefferies Financial Group upgraded Innovex International to a “strong-buy” rating in a research note on Friday, June 12th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Innovex International presently has a consensus rating of “Moderate Buy” and an average price target of $32.25.

Innovex International Price Performance

Shares of INVX opened at $28.34 on Friday. Innovex International has a 12-month low of $15.60 and a 12-month high of $32.25. The business’s fifty day moving average is $26.40 and its 200 day moving average is $26.20. 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 stock has a market cap of $1.95 billion, a P/E ratio of 37.79 and a beta of 0.83.

Innovex International (NYSE:INVX) last posted its quarterly earnings results on Monday, August 3rd. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.05. The business had revenue of $244.90 million during the quarter, compared to the consensus estimate of $241.58 million. Innovex International had a net margin of 5.31% and a return on equity of 6.72%. Sell-side analysts anticipate that Innovex International will post 1.44 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Mark Reddout sold 10,750 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $28.00, for a total transaction 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 trade represents a 7.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 34.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Summit Global Investments bought a new position in Innovex International in the 2nd quarter valued at $222,000. Pacer Advisors Inc. raised its stake in shares of Innovex International by 3.5% during the 1st quarter. Pacer Advisors Inc. now owns 270,939 shares of the company’s stock worth $6,608,000 after purchasing an additional 9,147 shares during the period. Empowered Funds LLC raised its stake in shares of Innovex International by 3.6% during the 1st quarter. Empowered Funds LLC now owns 325,179 shares of the company’s stock worth $7,931,000 after purchasing an additional 11,259 shares during the period. Glenmede Trust Co. NA bought a new stake in shares of Innovex International during the 1st quarter worth $709,000. Finally, Bank of America Corp DE boosted its holdings in shares of Innovex International by 102.5% in the 1st quarter. Bank of America Corp DE now owns 654,265 shares of the company’s stock worth $15,958,000 after buying an additional 331,178 shares during the last quarter.

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.