Innovex International (NYSE:INVX) Shares Down 6.4% – What’s Next?

Innovex International, Inc. (NYSE:INVX) fell 6.4% during trading on Wednesday . The stock traded as low as $28.09 and last traded at $28.0310. 229,229 shares traded hands during trading, a decline of 55% from the average session volume of 513,494 shares. The stock had previously closed at $29.95.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on INVX. Barclays raised their target price on shares of Innovex International from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Friday, May 8th. Piper Sandler increased their price objective on Innovex International from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Zacks Research raised Innovex International from a “strong sell” rating to a “hold” rating in a research report on Monday, May 18th. Weiss Ratings downgraded Innovex International from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Finally, Citigroup started coverage on Innovex International in a research report on Thursday, May 7th. They set a “buy” rating and a $35.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Innovex International has a consensus rating of “Moderate Buy” and an average target price of $31.67.

Innovex International Price Performance

The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.38 and a current ratio of 5.10. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of 36.80 and a beta of 0.84. The stock’s 50 day simple moving average is $26.64 and its 200-day simple moving average is $24.80.

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). The company had revenue of $273.60 million during the quarter, compared to analysts’ expectations of $240.00 million. Innovex International had a return on equity of 6.72% and a net margin of 5.31%. Equities research analysts anticipate that Innovex International, Inc. will post 1.44 EPS for the current fiscal year.

Insider Buying and Selling at Innovex International

In related news, 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 $9,811.41. This trade represents a 99.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 completion of the transaction, the director owned 399 shares of the company’s stock, valued at $9,811.41. This trade represents a 99.99% decrease in their position. The disclosure for this sale is available in the SEC filing. 34.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Innovex International

Institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC acquired a new position in Innovex International in the 4th quarter worth approximately $12,702,000. Heartland Advisors Inc. acquired a new stake in Innovex International during the 3rd quarter valued at approximately $3,708,000. Fisher Asset Management LLC boosted its holdings in shares of Innovex International by 69.0% in the 3rd quarter. Fisher Asset Management LLC now owns 228,887 shares of the company’s stock valued at $4,244,000 after acquiring an additional 93,412 shares during the last quarter. Hussman Strategic Advisors Inc. purchased a new stake in shares of Innovex International in the 4th quarter valued at $919,000. Finally, Citigroup Inc. increased its stake in shares of Innovex International by 79.8% in the third quarter. Citigroup Inc. now owns 197,020 shares of the company’s stock worth $3,653,000 after acquiring an additional 87,458 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.