Citigroup Inc. Buys 87,458 Shares of Innovex International, Inc. $INVX

Key Points

• Citigroup raised its stake in Innovex by 79.8%, buying 87,458 shares to hold 197,020 shares (about 0.29%) valued at roughly $3.65 million after the 3rd quarter 13F filing.
• There has been heavy insider selling: Director Co‑Invest Fund L.P. sold 6,612,500 shares for $162.6 million (a 99.99% reduction), and insiders have sold 13,290,319 shares worth $326.9 million over the last 90 days while still owning 43.90% of the stock.
• Most recent quarterly results showed an EPS miss ($0.20 vs. $0.29 expected) but revenue beat ($273.6M vs. $240.0M), and the stock trades near its 52‑week high with a market cap of about $1.86 billion and an average analyst target of $25.50.

Citigroup Inc. raised its stake in Innovex International, Inc. (NYSE:INVX - Free Report) by 79.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 197,020 shares of the company's stock after acquiring an additional 87,458 shares during the quarter. Citigroup Inc. owned about 0.29% of Innovex International worth $3,653,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Brandes Investment Partners LP increased its holdings in shares of Innovex International by 7.7% in the second quarter. Brandes Investment Partners LP now owns 7,054,674 shares of the company's stock valued at $110,194,000 after purchasing an additional 504,935 shares in the last quarter. Geode Capital Management LLC boosted its position in Innovex International by 5.2% in the 2nd quarter. Geode Capital Management LLC now owns 922,305 shares of the company's stock valued at $14,408,000 after buying an additional 45,174 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of Innovex International by 1.9% in the 3rd quarter. Pacer Advisors Inc. now owns 388,523 shares of the company's stock valued at $7,203,000 after buying an additional 7,111 shares during the period. Bridgeway Capital Management LLC increased its stake in shares of Innovex International by 371.9% in the 2nd quarter. Bridgeway Capital Management LLC now owns 344,178 shares of the company's stock valued at $5,376,000 after buying an additional 271,247 shares during the period. Finally, Empowered Funds LLC raised its position in shares of Innovex International by 294.6% during the second quarter. Empowered Funds LLC now owns 229,378 shares of the company's stock worth $3,583,000 after acquiring an additional 171,247 shares during the last quarter.

Insider Activity at Innovex International

In related news, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of the company's stock in a transaction on Friday, February 27th. The shares were sold at an average price of $24.59, for a total value of $162,601,375.00. Following the completion of the transaction, the director directly owned 399 shares of the company's stock, valued at approximately $9,811.41. This represents a 99.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark Reddout sold 20,000 shares of Innovex International stock in a transaction dated Wednesday, January 14th. The shares were sold at an average price of $25.00, for a total value of $500,000.00. Following the completion of the sale, the insider directly owned 129,436 shares in the company, valued at $3,235,900. This represents a 13.38% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 13,290,319 shares of company stock valued at $326,928,137. 43.90% of the stock is owned by insiders.

Innovex International Price Performance

Shares of INVX opened at $26.94 on Friday. The stock has a 50 day simple moving average of $24.82 and a 200 day simple moving average of $21.38. Innovex International, Inc. has a 52-week low of $11.93 and a 52-week high of $29.48. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.24 and a current ratio of 4.91. The firm has a market capitalization of $1.86 billion, a PE ratio of 22.45 and a beta of 0.72.

Innovex International (NYSE:INVX - Get Free Report) last announced its quarterly 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 the consensus estimate of $240.00 million. Innovex International had a net margin of 8.52% and a return on equity of 6.55%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Weiss Ratings cut Innovex International from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, February 27th. Piper Sandler upped their target price on shares of Innovex International from $20.00 to $27.00 and gave the company an "overweight" rating in a research report on Thursday, December 18th. Finally, Barclays lifted their price target on shares of Innovex International from $20.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $25.50.

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.

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