Squarepoint Ops LLC Takes Position in Innovex International, Inc. $INVX

Key Points

• Squarepoint Ops LLC acquired 81,319 Innovex International shares worth approximately $2.0 million, representing about 0.12% of the company. Several other institutional investors also initiated or increased positions.
• Innovex reported quarterly EPS of $0.36, exceeding the $0.31 consensus estimate, while revenue of $244.9 million topped expectations. Shares opened at $29.00, with analysts assigning a “Moderate Buy” consensus rating and an average price target of $32.75.
• Insiders sold nearly 10 million shares worth approximately $286.1 million over the past three months, including a director’s sale of 4.95 million shares that reduced its position by 99.99%.

Squarepoint Ops LLC purchased a new position in shares of Innovex International, Inc. (NYSE:INVX - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 81,319 shares of the company's stock, valued at approximately $2,017,000. Squarepoint Ops LLC owned about 0.12% of Innovex International as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Freestone Grove Partners LP acquired a new stake in Innovex International in the 2nd quarter valued at about $43,000. USA Financial Formulas acquired a new position in Innovex International during the first quarter worth about $53,000. Covestor Ltd lifted its holdings in shares of 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 purchasing an additional 1,436 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Innovex International in the fourth quarter valued at about $103,000. Finally, Quantinno Capital Management LP acquired a new stake in shares of Innovex International in the first quarter valued at approximately $215,000.

Innovex International Stock Performance

Shares of NYSE INVX opened at $29.00 on Tuesday. The company has a market cap of $2.03 billion, a PE ratio of 32.58 and a beta of 0.87. Innovex International, Inc. has a 12 month low of $16.40 and a 12 month high of $33.71. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.01 and a quick ratio of 3.32. The company has a 50-day simple moving average of $28.40 and a 200-day simple moving average of $27.20.

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

Insider Buying and Selling at Innovex International

In other Innovex International news, insider Mark Reddout sold 10,000 shares of the business's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $30.00, for a total value of $300,000.00. Following the completion of the transaction, the insider directly owned 124,312 shares in the company, valued at approximately $3,729,360. The trade was a 7.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $28.71, for a total value of $142,242,747.57. Following the transaction, the director directly owned 311 shares in the company, valued at approximately $8,928.81. This represents a 99.99% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 9,964,467 shares of company stock worth $286,092,748. Insiders own 34.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on INVX shares. Piper Sandler raised their price objective on shares of Innovex International from $33.00 to $34.00 and gave the stock an "overweight" rating in a research note on Monday, May 18th. Citigroup upped their target price on Innovex International from $35.00 to $36.00 and gave the company a "buy" rating in a research note on Wednesday, August 26th. Barclays increased their target price on Innovex International from $26.00 to $27.00 and gave the company an "equal weight" rating in a report on Tuesday, August 11th. Weiss Ratings raised Innovex International from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. Finally, Jefferies Financial Group upgraded Innovex International to a "strong-buy" rating in a research report on Friday, June 12th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $32.75.

Innovex International Profile

Innovex International, Inc NYSE: INVX is an energy technology and oilfield services company that develops and supplies equipment and solutions for the upstream oil and gas industry. Its products are designed to support well construction, completion, production and integrity throughout the life cycle of a well.

The company's offerings include downhole tools, completion equipment, wellhead and well-control systems, production technologies, and other specialized products used by exploration and production companies and oilfield service providers.

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