Innovex International (NYSE:INVX) Rating Increased to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Innovex International to “buy” from “hold,” contributing to a MarketBeat consensus rating of “Moderate Buy” and an average price target of $32.25.
• Innovex reported quarterly EPS of $0.36, beating the $0.31 estimate, while revenue of $244.9 million also exceeded expectations. The stock recently opened at $27.96, with a 12-month range of $15.76 to $33.71.
• Institutional investors increased their positions, including BlackRock’s new stake valued at approximately $160.4 million, while insider Mark Reddout sold 10,000 shares for $300,000.

Innovex International (NYSE:INVX - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Sunday.

A number of other analysts also recently weighed in on the company. Citigroup initiated coverage on Innovex International in a report on Thursday, May 7th. They set a "buy" rating and a $35.00 price target for the company. Barclays raised their target price on Innovex International from $24.00 to $26.00 and gave the stock an "equal weight" rating in a research note on Friday, May 8th. Weiss Ratings upgraded Innovex International from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday. Zacks Research downgraded shares of Innovex International from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 17th. Finally, Piper Sandler lifted their price objective on shares of Innovex International from $33.00 to $34.00 and gave the company an "overweight" rating in a research note on Monday, May 18th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Innovex International currently has a consensus rating of "Moderate Buy" and an average price target of $32.25.

Innovex International Price Performance

INVX opened at $27.96 on Friday. The company has a fifty day simple moving average of $26.60 and a 200 day simple moving average of $26.35. Innovex International has a 12 month low of $15.76 and a 12 month high of $33.71. The company has a quick ratio of 3.38, a current ratio of 5.01 and a debt-to-equity ratio of 0.02. The stock has a market cap of $1.96 billion, a P/E ratio of 31.41 and a beta of 0.83.

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

Insider Transactions at Innovex International

In related news, insider Mark Reddout sold 10,000 shares of the 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 sale, the insider directly owned 124,312 shares of the company's stock, valued at approximately $3,729,360. This represents a 7.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 34.90% of the company's stock.

Institutional Trading of Innovex International

Institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Innovex International in the 2nd quarter valued at about $160,389,000. Wellington Management Group LLP boosted its stake in shares of Innovex International by 52.4% in the 3rd quarter. Wellington Management Group LLP now owns 2,434,808 shares of the company's stock worth $45,141,000 after buying an additional 837,027 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Innovex International by 14.5% in the first quarter. Dimensional Fund Advisors LP now owns 2,646,376 shares of the company's stock valued at $64,544,000 after acquiring an additional 335,839 shares in the last quarter. Bank of America Corp DE increased its position in shares of Innovex International by 102.5% during the first quarter. Bank of America Corp DE now owns 654,265 shares of the company's stock valued at $15,958,000 after acquiring an additional 331,178 shares during the last quarter. Finally, Bridgeway Capital Management LLC increased its position 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 during the last quarter.

Innovex International Company Profile

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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