Innovex International (NYSE:INVX) Stock Price Expected to Rise, Barclays Analyst Says

Innovex International (NYSE:INVX) had its price objective upped by equities research analysts at Barclays from $26.00 to $27.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s target price points to a potential downside of 8.27% from the company’s current price.

Several other research firms have also issued reports on INVX. Piper Sandler raised their price target 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. Citigroup began coverage on shares of Innovex International in a research report on Thursday, May 7th. They set a “buy” rating and a $35.00 price objective for the company. Jefferies Financial Group upgraded shares of 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 report on Friday, July 17th. Finally, Wall Street Zen upgraded Innovex International from a “hold” rating to a “buy” rating in a research note on Sunday. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Innovex International presently has an average rating of “Moderate Buy” and an average target price of $32.50.

Innovex International Stock Performance

Shares of INVX stock traded up $0.27 during trading hours on Tuesday, reaching $29.43. 22,282 shares of the company’s stock were exchanged, compared to its average volume of 514,214. Innovex International has a fifty-two week low of $15.76 and a fifty-two week high of $33.71. The stock has a market capitalization of $2.06 billion, a P/E ratio of 32.93 and a beta of 0.83. The business has a fifty day moving average price of $26.64 and a 200-day moving average price of $26.40. The company has a quick ratio of 3.32, a current ratio of 5.01 and a debt-to-equity ratio of 0.02.

Innovex International (NYSE:INVX) last announced its quarterly earnings data on Monday, August 3rd. The company reported $0.36 earnings per share (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 business had revenue of $244.90 million for the quarter, compared to the consensus estimate of $241.58 million. Analysts predict that Innovex International will post 1.44 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Mark Reddout sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $30.00, for a total transaction of $300,000.00. Following the completion of the sale, the insider owned 124,312 shares of the company’s stock, valued at approximately $3,729,360. This trade represents a 7.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of Innovex International stock in a transaction that occurred on 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 transaction, the director owned 311 shares of the company’s stock, valued at $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 sold 9,975,217 shares of company stock worth $286,393,748 in the last quarter. 34.90% of the stock is owned by corporate insiders.

Institutional Trading of Innovex International

A number of hedge funds and other institutional investors have recently made changes to their positions in INVX. Cetera Investment Advisers lifted its position in Innovex International by 7.8% during the 1st quarter. Cetera Investment Advisers now owns 11,905 shares of the company’s stock worth $290,000 after buying an additional 865 shares in the last quarter. Lesa Sroufe & Co lifted its position in shares of Innovex International by 1.0% during the first quarter. Lesa Sroufe & Co now owns 122,788 shares of the company’s stock worth $2,995,000 after purchasing an additional 1,253 shares in the last quarter. Swiss National Bank lifted its position in shares of Innovex International by 1.8% during the first quarter. Swiss National Bank now owns 74,900 shares of the company’s stock worth $1,827,000 after purchasing an additional 1,300 shares in the last quarter. Covestor Ltd lifted its position in shares of Innovex International by 77.7% during the fourth quarter. Covestor Ltd now owns 3,284 shares of the company’s stock worth $72,000 after purchasing an additional 1,436 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Innovex International by 7.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,093 shares of the company’s stock valued at $379,000 after purchasing an additional 1,467 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.