Bessemer Group Inc. Increases Holdings in Innovex International, Inc. $INVX

Key Points

• Bessemer Group Inc. increased its Innovex International stake by 55.6% in the first quarter, adding 74,600 shares and bringing its total holding to 208,753 shares worth about $5.09 million.
• Several other institutional investors also adjusted positions in INVX, while insider Mark Reddout sold 10,750 shares at $28.00 each, reducing his stake by 7.41%.
• Analyst sentiment has improved, with multiple firms issuing upgrades and the stock now carrying a consensus “Buy” rating and an average price target of $32.25.

Bessemer Group Inc. raised its stake in shares of Innovex International, Inc. (NYSE:INVX - Free Report) by 55.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 208,753 shares of the company's stock after buying an additional 74,600 shares during the period. Bessemer Group Inc. owned about 0.30% of Innovex International worth $5,091,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Strs Ohio bought a new stake in shares of Innovex International in the fourth quarter worth $44,000. Aster Capital Management DIFC Ltd bought a new position in Innovex International in the fourth quarter valued at about $55,000. Covestor Ltd lifted its holdings in Innovex International by 77.7% in the fourth quarter. Covestor Ltd now owns 3,284 shares of the company's stock valued at $72,000 after acquiring an additional 1,436 shares during the period. Tower Research Capital LLC TRC boosted its position in Innovex International by 418.1% in the second quarter. Tower Research Capital LLC TRC now owns 3,523 shares of the company's stock worth $55,000 after purchasing an additional 2,843 shares during the last quarter. Finally, Global Retirement Partners LLC purchased a new position in Innovex International in the fourth quarter worth about $103,000.

Insiders Place Their Bets

In other Innovex International news, insider Mark Reddout sold 10,750 shares of the firm's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $28.00, for a total transaction of $301,000.00. Following the completion of the transaction, the insider owned 134,312 shares in the company, valued at $3,760,736. This trade represents a 7.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 34.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

INVX has been the subject of several research reports. Zacks Research raised shares of Innovex International from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 16th. Barclays lifted their price target 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. Wall Street Zen upgraded Innovex International from a "hold" rating to a "buy" rating in a research note on Monday, June 22nd. 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 report on Monday, May 18th. Finally, Jefferies Financial Group upgraded Innovex International to a "strong-buy" rating in a research note on Friday, June 12th. Three analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Innovex International currently has a consensus rating of "Buy" and an average price target of $32.25.

Innovex International Trading Down 0.8%

Shares of INVX stock opened at $25.56 on Tuesday. Innovex International, Inc. has a 12-month low of $15.25 and a 12-month high of $32.25. The company has a current ratio of 5.10, a quick ratio of 3.38 and a debt-to-equity ratio of 0.02. The stock's 50-day moving average price is $26.91 and its 200-day moving average price is $25.94. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of 34.08 and a beta of 0.83.

About Innovex International

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.

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