Zacks Research Upgrades Innovex International (NYSE:INVX) to Hold

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

INVX has been the subject of a number of other reports. Piper Sandler upped their target price on shares of Innovex International from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Monday. Citigroup started coverage on shares of Innovex International in a research note on Thursday, May 7th. They issued a “buy” rating and a $35.00 target price for the company. Barclays upped their target price on shares of Innovex International from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Finally, Weiss Ratings lowered shares of Innovex International from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Innovex International has an average rating of “Moderate Buy” and an average price target of $31.67.

Innovex International Price Performance

Shares of INVX stock opened at $31.17 on Monday. The firm has a market capitalization of $2.14 billion, a price-to-earnings ratio of 41.55 and a beta of 0.84. The company has a quick ratio of 3.38, a current ratio of 5.10 and a debt-to-equity ratio of 0.02. Innovex International has a 12-month low of $13.44 and a 12-month high of $32.25. The firm has a fifty day moving average of $26.15 and a 200-day moving average of $24.44.

Innovex International (NYSE:INVX) last announced its earnings results on Monday, February 23rd. The company reported $0.20 earnings per share 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 analyst estimates of $240.00 million. Innovex International had a return on equity of 6.72% and a net margin of 5.31%. On average, equities research analysts forecast that Innovex International will post 1.32 earnings per share for the current year.

Insider Transactions at Innovex International

In related news, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of Innovex International stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $24.59, for a total transaction of $162,601,375.00. Following the completion of the transaction, the director owned 399 shares in the company, valued at approximately $9,811.41. This trade represents a 99.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Adam Anderson sold 18,837 shares of Innovex International stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $28.50, for a total value of $536,854.50. Following the transaction, the chief executive officer owned 466,744 shares of the company’s stock, valued at $13,302,204. The trade was a 3.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,257,078 shares of company stock worth $326,097,112 in the last three months. Insiders own 34.90% of the company’s stock.

Hedge Funds Weigh In On Innovex International

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE grew its holdings in Innovex International by 102.5% during the first quarter. Bank of America Corp DE now owns 654,265 shares of the company’s stock worth $15,958,000 after purchasing an additional 331,178 shares during the period. Amundi bought a new position in Innovex International during the first quarter worth about $310,000. Royal Bank of Canada grew its holdings in Innovex International by 21.8% during the first quarter. Royal Bank of Canada now owns 35,554 shares of the company’s stock worth $867,000 after purchasing an additional 6,374 shares during the period. Empowered Funds LLC grew its holdings in Innovex International by 3.6% during the first quarter. Empowered Funds LLC now owns 325,179 shares of the company’s stock worth $7,931,000 after purchasing an additional 11,259 shares during the period. Finally, Quantinno Capital Management LP bought a new position in Innovex International during the first quarter worth about $215,000.

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.