Innovex International (NYSE:INVX) Rating Lowered to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Innovex International to “Hold” from “Buy.” Despite the downgrade, analysts’ consensus remains “Moderate Buy,” with an average price target of $32.50.
• Innovex reported quarterly EPS of $0.36, beating the $0.31 consensus estimate, while revenue of $244.9 million also exceeded expectations.
• Insiders sold nearly 10 million shares worth approximately $286.4 million over the past three months. A director sold 4.95 million shares, reducing its position by 99.99%.

Innovex International (NYSE:INVX - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Monday.

INVX has been the subject of a number of other research reports. Citigroup assumed coverage on shares of Innovex International in a research report on Thursday, May 7th. They issued a "buy" rating and a $35.00 price objective for the company. Zacks Research cut Innovex International from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 17th. Weiss Ratings upgraded Innovex International from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Barclays upped their price target on Innovex International from $26.00 to $27.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 11th. Finally, Piper Sandler increased 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. Two 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. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $32.50.

Innovex International Price Performance

NYSE:INVX opened at $31.24 on Monday. 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 firm has a market cap of $2.19 billion, a price-to-earnings ratio of 35.10 and a beta of 0.83. The company has a 50 day moving average price of $26.88 and a 200-day moving average price of $26.54. Innovex International has a 1-year low of $15.83 and a 1-year high of $33.71.

Innovex International (NYSE:INVX - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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%. Equities research analysts forecast that Innovex International will post 1.44 EPS for the current year.

Insider Transactions at Innovex International

In related news, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of the company's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $28.71, for a total transaction of $142,242,747.57. Following the completion of the sale, the director owned 311 shares of the company's stock, valued at approximately $8,928.81. This represents a 99.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark Reddout sold 10,750 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $28.00, for a total transaction of $301,000.00. Following the completion of the sale, the insider owned 134,312 shares of the company's stock, valued at approximately $3,760,736. The trade was a 7.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 9,975,217 shares of company stock valued at $286,393,748. Corporate insiders own 34.90% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Freestone Grove Partners LP acquired a new stake in shares of Innovex International in the second quarter valued at approximately $43,000. Strs Ohio acquired a new position in Innovex International during the fourth quarter worth $44,000. USA Financial Formulas acquired a new position in Innovex International during the first quarter worth $53,000. Aster Capital Management DIFC Ltd purchased a new stake in Innovex International in the 4th quarter valued at $55,000. Finally, Covestor Ltd grew its holdings in Innovex International by 77.7% in the 4th quarter. Covestor Ltd now owns 3,284 shares of the company's stock valued at $72,000 after buying an additional 1,436 shares in the last quarter.

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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