Citigroup Issues Positive Forecast for Innovex International (NYSE:INVX) Stock Price

Innovex International (NYSE:INVX) had its price objective raised by Citigroup from $35.00 to $36.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price would indicate a potential upside of 26.97% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Zacks Research downgraded shares of Innovex International from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 17th. Wall Street Zen cut shares of Innovex International from a “buy” rating to a “hold” rating in a research report on Monday, August 17th. Jefferies Financial Group raised shares of Innovex International to a “strong-buy” rating in a research note on Friday, June 12th. Weiss Ratings upgraded shares of Innovex International from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Finally, Piper Sandler lifted their price target on shares of Innovex International from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Innovex International presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.75.

Innovex International Trading Down 1.1%

Innovex International stock traded down $0.33 during trading hours on Wednesday, hitting $28.35. The stock had a trading volume of 86,880 shares, compared to its average volume of 523,318. The business’s 50 day simple moving average is $27.02 and its 200-day simple moving average is $26.75. Innovex International has a one year low of $16.29 and a one year high of $33.71. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of 31.78 and a beta of 0.83. 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 released its quarterly earnings results on Monday, August 3rd. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.05. Innovex International had a return on equity of 7.12% and a net margin of 6.17%.The company had revenue of $244.90 million for the quarter, compared to analysts’ expectations of $241.58 million. On average, equities analysts predict that Innovex International will post 1.44 EPS for the current fiscal year.

Insider Transactions at Innovex International

In related news, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $28.71, for a total value of $142,242,747.57. Following the sale, the director directly owned 311 shares in the company, valued at $8,928.81. This represents a 99.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Amberjack Capital Partners, L. sold 5,000,000 shares of the 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 $143,550,000.00. Following the sale, the director directly owned 311 shares of the company’s stock, valued at $8,928.81. This represents a 99.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 9,975,217 shares of company stock worth $286,393,748 over the last ninety days. 34.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of INVX. Simcoe Capital LLC acquired a new stake in shares of Innovex International during the 4th quarter worth approximately $3,625,000. Royce & Associates LP acquired a new position in shares of Innovex International during the 4th quarter valued at $415,000. Hussman Strategic Advisors Inc. acquired a new position in shares of Innovex International during the 4th quarter valued at $919,000. Avidian Wealth Enterprises LLC bought a new position in Innovex International during the fourth quarter worth $5,821,000. Finally, Teachers Retirement System of The State of Kentucky boosted its stake in Innovex International by 614.9% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 68,102 shares of the company’s stock worth $1,661,000 after acquiring an additional 58,576 shares in 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.