Innovex International, Inc. $INVX Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp trimmed its stake in Innovex International, Inc. (NYSE:INVX - Free Report) by 14.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 879,677 shares of the company's stock after selling 148,989 shares during the period. Van ECK Associates Corp owned approximately 1.26% of Innovex International worth $21,816,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Freestone Grove Partners LP purchased a new stake in Innovex International in the second quarter valued at $43,000. Strs Ohio acquired a new position in Innovex International in the fourth quarter valued at $44,000. USA Financial Formulas purchased a new position in shares of Innovex International during the first quarter worth about $53,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Innovex International during the fourth quarter worth about $55,000. Finally, Tower Research Capital LLC TRC increased its position in shares of Innovex International by 418.1% during 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 in the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Piper Sandler boosted their price objective on Innovex International from $33.00 to $34.00 and gave the company an "overweight" rating in a research note on Monday, May 18th. Weiss Ratings raised Innovex International from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, August 6th. Jefferies Financial Group upgraded shares of Innovex International to a "strong-buy" rating in a research report on Friday, June 12th. Zacks Research downgraded shares of Innovex International from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 17th. Finally, Citigroup raised their target price on shares of Innovex International from $35.00 to $36.00 and gave the stock a "buy" rating in a research note on Wednesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $32.75.

Innovex International Stock Performance

Shares of INVX stock opened at $30.10 on Monday. The company has a current ratio of 5.01, a quick ratio of 3.32 and a debt-to-equity ratio of 0.02. The stock has a 50 day simple moving average of $27.24 and a 200-day simple moving average of $26.85. The company has a market cap of $2.11 billion, a price-to-earnings ratio of 33.82 and a beta of 0.83. Innovex International, Inc. has a 12-month low of $16.29 and a 12-month high of $33.71.

Innovex International (NYSE:INVX - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.31 by $0.05. The firm had revenue of $244.90 million for the quarter, compared to the consensus estimate of $241.58 million. Innovex International had a return on equity of 7.12% and a net margin of 6.17%. On average, equities analysts forecast that Innovex International, Inc. will post 1.44 EPS for the current year.

Insider Transactions at Innovex International

In other news, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of the company's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $28.71, for a total transaction of $142,242,747.57. Following the transaction, the director directly owned 311 shares of the company's stock, valued at $8,928.81. This represents a 99.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Amberjack Capital Partners, L. sold 5,000,000 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $28.71, for a total transaction of $143,550,000.00. Following the completion of the transaction, the director owned 311 shares of the company's stock, valued at $8,928.81. This represents a 99.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 9,975,217 shares of company stock valued at $286,393,748 in the last ninety days. 34.90% of the stock is currently owned by company insiders.

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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