Innovex International (NYSE:INVX) Coverage Initiated at Citigroup

Key Points

• Citigroup initiated coverage with a Buy rating and a $35.00 price target (implying ~28.9% upside), while MarketBeat's consensus target is $28.67 with an average rating of "Moderate Buy".
• Significant insider selling: Amberjack Capital sold 6,612,500 shares (~$162.6M) and insiders disposed of 13,257,078 shares worth ~$326M over the last 90 days, leaving insiders with 34.9% ownership.
• Recent quarter showed an EPS miss of $0.20 vs. $0.29 expected while revenue beat at $273.6M; the stock trades with a market cap of $1.86B and a PE of 36.2 with a 52-week range of $11.93–$29.48.

Analysts at Citigroup began coverage on shares of Innovex International (NYSE:INVX - Get Free Report) in a research note issued on Thursday. The firm set a "buy" rating and a $35.00 price target on the stock. Citigroup's target price would suggest a potential upside of 28.92% from the company's current price.

A number of other brokerages also recently issued reports on INVX. Weiss Ratings downgraded Innovex International from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, February 27th. Barclays raised 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, Zacks Research lowered Innovex International from a "hold" rating to a "strong sell" rating in a research note on Wednesday, March 4th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Innovex International has an average rating of "Moderate Buy" and a consensus target price of $28.67.

Innovex International Price Performance

NYSE INVX opened at $27.15 on Thursday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.24 and a current ratio of 5.10. The firm's 50 day moving average price is $25.98 and its 200-day moving average price is $23.91. Innovex International has a 52-week low of $11.93 and a 52-week high of $29.48. The company has a market cap of $1.86 billion, a PE ratio of 36.20 and a beta of 0.84.

Innovex International (NYSE:INVX - Get Free Report) last issued its quarterly earnings data on Monday, February 23rd. The company reported $0.20 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.09). The business had revenue of $273.60 million during the quarter, compared to the consensus estimate of $240.00 million. Innovex International had a return on equity of 6.72% and a net margin of 5.31%. Sell-side analysts forecast that Innovex International will post 1.32 EPS for the current fiscal year.

Insider Buying and Selling at Innovex International

In other Innovex International news, CEO Adam Anderson sold 18,837 shares of the firm's stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $28.50, for a total value of $536,854.50. Following the completion of the sale, the chief executive officer owned 466,744 shares of the company's stock, valued at approximately $13,302,204. This trade represents a 3.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Amberjack Capital Partners, L. sold 6,612,500 shares of the stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $24.59, for a total transaction of $162,601,375.00. Following the completion of the transaction, the director directly owned 399 shares of the company's stock, valued at $9,811.41. The trade was a 99.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 13,257,078 shares of company stock worth $326,097,112. 34.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Innovex International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC acquired a new position in shares of Innovex International in the first quarter valued at about $269,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Innovex International by 7.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,093 shares of the company's stock worth $379,000 after buying an additional 1,467 shares during the last quarter. Caxton Associates LLP acquired a new stake in Innovex International during the 1st quarter valued at approximately $270,000. Empowered Funds LLC boosted its holdings in shares of Innovex International by 8.2% in the 1st quarter. Empowered Funds LLC now owns 58,131 shares of the company's stock valued at $1,044,000 after acquiring an additional 4,386 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Innovex International by 11.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,225 shares of the company's stock worth $1,764,000 after acquiring an additional 10,401 shares during the period.

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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