William Blair Investment Management LLC Takes Position in Innovex International, Inc. $INVX

Key Points

• William Blair Investment Management acquired 463,385 Innovex International shares worth approximately $11.5 million, giving it a 0.66% stake. Several other institutional investors also initiated or increased positions.
• Insiders have been heavy sellers, disposing of nearly 10 million shares worth about $286.4 million over the past 90 days. A director sold 99.99% of their position, while insiders collectively retain 34.9% ownership.
• Innovex reported quarterly EPS of $0.36 and revenue of $244.9 million, exceeding analyst expectations. Analysts have a “Moderate Buy” consensus with an average price target of $32.50, compared with the stock’s $29.32 opening price.

William Blair Investment Management LLC acquired a new position in shares of Innovex International, Inc. (NYSE:INVX - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 463,385 shares of the company's stock, valued at approximately $11,492,000. William Blair Investment Management LLC owned 0.66% of Innovex International as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Strs Ohio acquired a new position in shares of Innovex International during the 4th quarter worth about $44,000. USA Financial Formulas acquired a new stake in Innovex International in the 1st quarter worth about $53,000. Aster Capital Management DIFC Ltd purchased a new stake in Innovex International during the 4th quarter worth approximately $55,000. Tower Research Capital LLC TRC increased its stake in Innovex International by 418.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,523 shares of the company's stock worth $55,000 after buying an additional 2,843 shares in the last quarter. Finally, Covestor Ltd raised its holdings in shares of Innovex International by 77.7% during the fourth quarter. Covestor Ltd now owns 3,284 shares of the company's stock valued at $72,000 after acquiring an additional 1,436 shares during the last quarter.

Insiders Place Their Bets

In other Innovex International news, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of the firm's 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 completion of the sale, the director directly owned 311 shares of the company's stock, valued at $8,928.81. This trade represents a 99.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark Reddout sold 10,750 shares of Innovex International stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $28.00, for a total value of $301,000.00. Following the transaction, the insider owned 134,312 shares in the company, valued at approximately $3,760,736. This represents a 7.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 9,975,217 shares of company stock valued at $286,393,748. Insiders own 34.90% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on INVX. Citigroup began coverage on Innovex International in a research report on Thursday, May 7th. They issued a "buy" rating and a $35.00 target price on the stock. Piper Sandler boosted their price target on Innovex International from $33.00 to $34.00 and gave the stock an "overweight" rating in a research report on Monday, May 18th. Wall Street Zen downgraded Innovex International from a "buy" rating to a "hold" rating in a research note on Monday, August 17th. Weiss Ratings upgraded Innovex International from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, August 6th. Finally, Jefferies Financial Group upgraded Innovex International to a "strong-buy" rating in a report on Friday, June 12th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $32.50.

Innovex International Stock Up 0.6%

Shares of NYSE INVX opened at $29.32 on Friday. The stock has a market cap of $2.05 billion, a PE ratio of 32.94 and a beta of 0.83. The company has a current ratio of 5.01, a quick ratio of 3.32 and a debt-to-equity ratio of 0.02. Innovex International, Inc. has a 12-month low of $16.29 and a 12-month high of $33.71. The company has a 50-day moving average of $26.97 and a 200 day moving average of $26.69.

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

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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