Tudor Investment Corp ET AL Sells 60,449 Shares of Innovex International, Inc. $INVX

Key Points

• Massive insider selling: Amberjack Capital Partners sold 6,612,500 shares for ~$162.6M and CEO Adam Anderson sold 18,837 shares, with insiders offloading 13,257,078 shares worth ~$326.1M over the last quarter while still owning 34.90% of the company.
• Institutional repositioning: Tudor Investment cut its stake by 68.9%, selling 60,449 shares and leaving 27,322 shares valued at $507,000, while other funds (Wellington, Dimensional, Bridgeway) materially increased their positions into the quarter.
• Analysts are mixed: the consensus rating is a "Hold" with a $25.50 target, the stock trades around $25.99, and the company recently missed EPS ($0.20 vs. $0.29) but beat revenue estimates ($273.6M vs. $240.0M).

Tudor Investment Corp ET AL lessened its stake in shares of Innovex International, Inc. (NYSE:INVX - Free Report) by 68.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,322 shares of the company's stock after selling 60,449 shares during the quarter. Tudor Investment Corp ET AL's holdings in Innovex International were worth $507,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Wellington Management Group LLP raised its holdings in shares of Innovex International by 52.4% during the third quarter. Wellington Management Group LLP now owns 2,434,808 shares of the company's stock valued at $45,141,000 after acquiring an additional 837,027 shares in the last quarter. Bridgeway Capital Management LLC raised its holdings in shares of Innovex International by 371.9% during the second quarter. Bridgeway Capital Management LLC now owns 344,178 shares of the company's stock valued at $5,376,000 after acquiring an additional 271,247 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Innovex International by 12.0% during the third quarter. Dimensional Fund Advisors LP now owns 2,153,272 shares of the company's stock valued at $39,921,000 after acquiring an additional 230,393 shares in the last quarter. Heartland Advisors Inc. bought a new position in shares of Innovex International during the third quarter valued at approximately $3,708,000. Finally, First Trust Advisors LP bought a new position in shares of Innovex International during the second quarter valued at approximately $2,871,000.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Zacks Research cut Innovex International from a "hold" rating to a "strong sell" rating in a research note on Wednesday, March 4th. Weiss Ratings cut Innovex International from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, February 27th. Barclays increased their price objective on Innovex International from $20.00 to $24.00 and gave the company an "equal weight" rating in a research report on Tuesday, March 3rd. Finally, Piper Sandler increased their price objective on Innovex International from $20.00 to $27.00 and gave the company an "overweight" rating in a research report on Thursday, December 18th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $25.50.

Innovex International Stock Up 0.3%

INVX stock opened at $25.99 on Thursday. Innovex International, Inc. has a fifty-two week low of $11.93 and a fifty-two week high of $29.48. The business's 50-day moving average is $25.47 and its two-hundred day moving average is $23.07. 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 company has a market cap of $1.78 billion, a price-to-earnings ratio of 21.65 and a beta of 0.75.

Innovex International (NYSE:INVX - Get Free Report) last posted its quarterly earnings data on Monday, February 23rd. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.09). Innovex International had a return on equity of 6.55% and a net margin of 8.52%.The company had revenue of $273.60 million during the quarter, compared to the consensus estimate of $240.00 million.

Insider Transactions at Innovex International

In related news, Director Amberjack Capital Partners, L. sold 6,612,500 shares of Innovex International stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $24.59, for a total transaction of $162,601,375.00. Following the sale, the director owned 399 shares of the company's stock, valued at approximately $9,811.41. This trade represents a 99.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Adam Anderson sold 18,837 shares of Innovex International stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $28.50, for a total value of $536,854.50. Following the sale, the chief executive officer directly owned 466,744 shares in the company, valued at $13,302,204. This trade represents a 3.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,257,078 shares of company stock valued at $326,097,112 over the last quarter. 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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