Sanctuary Advisors LLC Acquires New Shares in Innovex International, Inc. $INVX

Key Points

• Sanctuary Advisors acquired 73,769 shares of Innovex International in the second quarter, worth approximately $1.83 million and representing about 0.11% of the company. Several other funds also initiated or increased positions.
• Innovex reported quarterly EPS of $0.36, beating estimates of $0.31, while revenue reached $244.9 million versus expectations of $241.6 million. Analysts have a “Moderate Buy” consensus rating and an average price target of $32.75.
• Insider selling was substantial: Amberjack Capital Partners sold 5 million shares for $143.55 million, while insiders sold nearly 9.98 million shares worth $286.4 million over the past 90 days.

Sanctuary Advisors LLC bought a new position in Innovex International, Inc. (NYSE:INVX - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 73,769 shares of the company's stock, valued at approximately $1,829,000. Sanctuary Advisors LLC owned about 0.11% of Innovex International as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Strs Ohio bought a new stake in shares of Innovex International in the fourth quarter worth approximately $44,000. USA Financial Formulas bought a new position in Innovex International during the first quarter valued at approximately $53,000. Aster Capital Management DIFC Ltd bought a new position in Innovex International during the fourth quarter valued at approximately $55,000. Covestor Ltd boosted its holdings in Innovex International by 77.7% in the fourth quarter. Covestor Ltd now owns 3,284 shares of the company's stock worth $72,000 after purchasing an additional 1,436 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings 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.

Innovex International Price Performance

NYSE INVX opened at $28.25 on Thursday. The business's fifty day moving average is $27.06 and its 200 day moving average is $26.78. Innovex International, Inc. has a fifty-two week low of $16.29 and a fifty-two week high of $33.71. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.32 and a current ratio of 5.01. The company has a market capitalization of $1.98 billion, a PE ratio of 31.74 and a beta of 0.83.

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

Analyst Ratings Changes

INVX has been the subject of a number of research reports. Zacks Research lowered shares of Innovex International from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 17th. Barclays lifted their price objective on Innovex International from $26.00 to $27.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 11th. Piper Sandler increased their target price on Innovex International from $33.00 to $34.00 and gave the company an "overweight" rating in a report on Monday, May 18th. Jefferies Financial Group upgraded Innovex International to a "strong-buy" rating in a research note on Friday, June 12th. Finally, Wall Street Zen cut shares of Innovex International from a "buy" rating to a "hold" rating in a research note on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $32.75.

Insider Buying and Selling

In other Innovex International news, Director Amberjack Capital Partners, L. sold 5,000,000 shares of Innovex International stock in a transaction that occurred on 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 transaction, the director owned 311 shares of the company's stock, valued at $8,928.81. The trade was a 99.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark Reddout sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the completion of the transaction, the insider owned 124,312 shares of the company's stock, valued at approximately $3,729,360. The trade was a 7.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 9,975,217 shares of company stock valued at $286,393,748. 34.90% of the stock is owned by corporate 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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