Innovex International (NYSE:INVX) Sets New 12-Month High – What’s Next?

Innovex International, Inc. (NYSE:INVX)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $25.68 and last traded at $25.4850, with a volume of 31585 shares. The stock had previously closed at $24.47.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on INVX shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Innovex International in a report on Monday, December 29th. Piper Sandler upped their price target on shares of Innovex International from $20.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. One equities 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’s stock. Based on data from MarketBeat.com, Innovex International currently has a consensus rating of “Moderate Buy” and an average target price of $20.00.

Innovex International Price Performance

The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 17.29 and a beta of 0.74. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.93 and a current ratio of 4.78. The company has a 50-day simple moving average of $22.66 and a two-hundred day simple moving average of $19.33.

Innovex International (NYSE:INVX) last posted its quarterly earnings results on Monday, November 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.09). The firm had revenue of $240.00 million for the quarter, compared to the consensus estimate of $235.00 million. Innovex International had a return on equity of 8.51% and a net margin of 10.59%.

Insider Buying and Selling

In related news, insider Mark Reddout sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 14th. The stock was sold at an average price of $25.00, for a total transaction of $500,000.00. Following the transaction, the insider directly owned 129,436 shares of the company’s stock, valued at approximately $3,235,900. The trade was a 13.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adam Anderson sold 13,241 shares of the stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $25.00, for a total value of $331,025.00. Following the completion of the sale, the chief executive officer owned 498,822 shares in the company, valued at approximately $12,470,550. This trade represents a 2.59% decrease in their position. The disclosure for this sale is available in the SEC filing. 43.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Innovex International

Several institutional investors and hedge funds have recently modified their holdings of the stock. Covestor Ltd raised its position in shares of Innovex International by 26,300.0% in the third quarter. Covestor Ltd now owns 1,848 shares of the company’s stock valued at $34,000 after purchasing an additional 1,841 shares during the period. Smartleaf Asset Management LLC raised its holdings in Innovex International by 31.2% in the 3rd quarter. Smartleaf Asset Management LLC now owns 2,151 shares of the company’s stock valued at $40,000 after acquiring an additional 511 shares during the period. Westfuller Advisors LLC acquired a new stake in Innovex International during the third quarter worth approximately $53,000. First Horizon Advisors Inc. boosted its holdings in shares of Innovex International by 150.3% during the second quarter. First Horizon Advisors Inc. now owns 3,367 shares of the company’s stock worth $53,000 after acquiring an additional 2,022 shares during the period. Finally, Tower Research Capital LLC TRC grew its position in shares of Innovex International by 418.1% in the second quarter. Tower Research Capital LLC TRC now owns 3,523 shares of the company’s stock valued at $55,000 after purchasing an additional 2,843 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.