Innovex International (NYSE:INVX) Director Amberjack Capital Partners, L. Sells 5,000,000 Shares

Key Points

• Amberjack Capital Partners sold 5 million Innovex International shares at an average price of $28.71, generating $143.55 million. The sale reduced its ownership by 99.99%, leaving it with just 311 shares.
• Innovex shares rose 3.4% to $29.06, while the company’s latest quarterly results exceeded expectations: EPS was $0.36 versus a $0.31 consensus estimate, and revenue reached $244.9 million.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $32.25, while several institutional investors—including BlackRock—recently initiated positions.

Innovex International, Inc. (NYSE:INVX - Get Free Report) Director Amberjack Capital Partners, L. sold 5,000,000 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $28.71, for a total value of $143,550,000.00. Following the completion of the sale, the director owned 311 shares of the company's stock, valued at approximately $8,928.81. This trade represents a 99.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Innovex International Stock Up 3.4%

NYSE INVX traded up $0.96 during trading on Monday, hitting $29.06. The company's stock had a trading volume of 1,864,194 shares, compared to its average volume of 517,607. Innovex International, Inc. has a fifty-two week low of $15.76 and a fifty-two week high of $33.71. The company has a market cap of $2.03 billion, a PE ratio of 32.65 and a beta of 0.83. 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 business's 50 day simple moving average is $26.60 and its 200-day simple moving average is $26.37.

Innovex International (NYSE:INVX - Get Free Report) last posted 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. The firm had revenue of $244.90 million for the quarter, compared to the consensus estimate of $241.58 million. Innovex International had a net margin of 6.17% and a return on equity of 7.12%. On average, equities analysts anticipate that Innovex International, Inc. will post 1.44 EPS for the current fiscal year.

Institutional Trading of Innovex International

A number of hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Innovex International during the second quarter valued at $160,389,000. Deutsche Bank AG acquired a new position in shares of Innovex International in the second quarter worth about $1,224,000. Global Retirement Partners LLC purchased a new stake in shares of Innovex International during the 2nd quarter worth about $122,000. Bank of New York Mellon Corp purchased a new stake in shares of Innovex International during the 2nd quarter worth about $6,605,000. Finally, State of Wyoming acquired a new stake in shares of Innovex International during the 2nd quarter valued at about $774,000.

Wall Street Analyst Weigh In

INVX has been the subject of a number of research reports. Barclays lifted their price target on Innovex International from $24.00 to $26.00 and gave the stock an "equal weight" rating in a research report on Friday, May 8th. Wall Street Zen upgraded Innovex International from a "hold" rating to a "buy" rating in a research note on Sunday. Piper Sandler lifted their target price on Innovex International from $33.00 to $34.00 and gave the stock an "overweight" rating in a report on Monday, May 18th. Jefferies Financial Group upgraded Innovex International to a "strong-buy" rating in a research report on Friday, June 12th. Finally, Citigroup assumed coverage on shares of Innovex International in a report on Thursday, May 7th. They issued a "buy" rating and a $35.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Innovex International has a consensus rating of "Moderate Buy" and an average price target of $32.25.

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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