Innovex International (NYSE:INVX) Stock Rating Lowered by Zacks Research

Innovex International (NYSE:INVX) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

INVX has been the topic of a number of other research reports. Weiss Ratings downgraded shares of Innovex International from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, February 27th. Piper Sandler increased their price target on shares of Innovex International from $20.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. Finally, Barclays boosted their price objective on shares of Innovex International from $20.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $25.50.

Innovex International Stock Performance

Shares of INVX opened at $26.94 on Wednesday. The firm has a market capitalization of $1.86 billion, a P/E ratio of 22.45 and a beta of 0.72. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.91 and a quick ratio of 3.24. Innovex International has a one year low of $11.93 and a one year high of $29.48. The business has a fifty day moving average of $24.82 and a 200 day moving average of $21.38.

Innovex International (NYSE:INVX) last announced its earnings results on Monday, February 23rd. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.09). Innovex International had a return on equity of 6.55% and a net margin of 8.52%.The firm had revenue of $273.60 million during the quarter, compared to analysts’ expectations of $240.00 million.

Insider Activity

In other news, CEO Adam Anderson sold 18,837 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $28.50, for a total transaction of $536,854.50. Following the sale, the chief executive officer directly owned 466,744 shares in the company, valued at $13,302,204. This trade represents a 3.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark Reddout sold 20,000 shares of the company’s stock in a transaction 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 completion of the transaction, the insider directly owned 129,436 shares of the company’s stock, valued at $3,235,900. This represents a 13.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 13,290,319 shares of company stock valued at $326,928,137. 43.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in INVX. Brandes Investment Partners LP raised its position in shares of Innovex International by 7.7% during the second quarter. Brandes Investment Partners LP now owns 7,054,674 shares of the company’s stock valued at $110,194,000 after buying an additional 504,935 shares during the last quarter. Geode Capital Management LLC grew its stake in Innovex International by 5.2% during the second quarter. Geode Capital Management LLC now owns 922,305 shares of the company’s stock valued at $14,408,000 after acquiring an additional 45,174 shares in the last quarter. Heartland Advisors Inc. bought a new stake in Innovex International in the 3rd quarter valued at $3,708,000. Bank of Montreal Can purchased a new stake in Innovex International in the 2nd quarter worth $158,000. Finally, Empowered Funds LLC lifted its stake in Innovex International by 294.6% in the 2nd quarter. Empowered Funds LLC now owns 229,378 shares of the company’s stock worth $3,583,000 after purchasing an additional 171,247 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.