Innovex International (NYSE:INVX) Issues Earnings Results

Innovex International (NYSE:INVX) issued its quarterly earnings data on Monday. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.09), Zacks reports. Innovex International had a return on equity of 8.51% and a net margin of 10.59%.The firm had revenue of $273.60 million during the quarter, compared to analyst estimates of $240.00 million.

Innovex International Stock Up 6.9%

Shares of NYSE:INVX traded up $1.77 during trading on Monday, hitting $27.24. The company’s stock had a trading volume of 1,509,698 shares, compared to its average volume of 408,959. The business has a 50 day moving average price of $23.90 and a two-hundred day moving average price of $20.77. The company has a market capitalization of $1.88 billion, a PE ratio of 18.53 and a beta of 0.75. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.93 and a current ratio of 4.78. Innovex International has a fifty-two week low of $11.93 and a fifty-two week high of $27.28.

Insiders Place Their Bets

In other Innovex International news, insider Mark Reddout sold 20,000 shares of the stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $25.00, for a total value of $500,000.00. Following the sale, the insider directly owned 129,436 shares of the company’s stock, valued at approximately $3,235,900. This represents a 13.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Adam Anderson sold 13,241 shares of Innovex International stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $25.00, for a total transaction of $331,025.00. Following the sale, the chief executive officer directly owned 498,822 shares of the company’s stock, valued at approximately $12,470,550. This trade represents a 2.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 43.90% of the company’s stock.

Hedge Funds Weigh In On Innovex International

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INVX. The Manufacturers Life Insurance Company increased its position in Innovex International by 10.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 19,219 shares of the company’s stock valued at $300,000 after acquiring an additional 1,877 shares during the period. XTX Topco Ltd acquired a new stake in Innovex International during the 4th quarter worth approximately $294,000. Quantbot Technologies LP purchased a new position in shares of Innovex International in the 2nd quarter valued at approximately $283,000. Numerai GP LLC acquired a new position in shares of Innovex International in the third quarter valued at approximately $282,000. Finally, Caxton Associates LLP acquired a new position in shares of Innovex International in the first quarter valued at approximately $270,000.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on INVX. Piper Sandler upped their price target on Innovex International from $20.00 to $27.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Innovex International in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.00.

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.