Innovex International (NYSE:INVX) Reaches New 12-Month High - What's Next?

Key Points

• Innovex International shares reached a new 52-week high, trading as high as $33.71 and rising 12.5% from the prior close; the company’s market capitalization is approximately $2.19 billion.
• The company exceeded quarterly expectations, reporting earnings of $0.36 per share versus the $0.31 consensus estimate and revenue of $244.9 million versus $241.58 million expected.
• Analyst sentiment remains positive but mixed: Innovex has a consensus “Moderate Buy” rating and an average price target of $32.25, while several firms recently downgraded the stock to “Hold.”

Innovex International, Inc. (NYSE:INVX - Get Free Report) hit a new 52-week high during trading on Wednesday . The stock traded as high as $33.71 and last traded at $31.8330, with a volume of 1317472 shares trading hands. The stock had previously closed at $28.30.

Analyst Upgrades and Downgrades

Several research firms have recently commented on INVX. Barclays upped their price objective on shares of Innovex International from $24.00 to $26.00 and gave the company an "equal weight" rating in a report on Friday, May 8th. Piper Sandler boosted their target price on shares of Innovex International from $33.00 to $34.00 and gave the company an "overweight" rating in a research report on Monday, May 18th. Weiss Ratings lowered shares of Innovex International from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, May 11th. Zacks Research lowered shares of Innovex International from a "strong-buy" rating to a "hold" rating in a report on Friday, July 17th. Finally, Wall Street Zen downgraded Innovex International from a "buy" rating to a "hold" rating in a research report on Saturday. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, Innovex International presently has a consensus rating of "Moderate Buy" and an average price target of $32.25.

Innovex International Trading Up 12.5%

The company's 50-day moving average price is $26.44 and its 200-day moving average price is $26.25. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of 42.44 and a beta of 0.83. The company has a quick ratio of 3.38, a current ratio of 5.10 and a debt-to-equity ratio of 0.02.

Innovex International (NYSE:INVX - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.05. The firm had revenue of $244.90 million during 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 7.15%. Equities analysts expect that Innovex International, Inc. will post 1.44 EPS for the current fiscal year.

Insider Buying and Selling

In other Innovex International news, insider Mark Reddout sold 10,750 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $28.00, for a total transaction of $301,000.00. Following the completion of the transaction, the insider owned 134,312 shares of the company's stock, valued at $3,760,736. This represents a 7.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 34.90% of the company's stock.

Institutional Trading of Innovex International

Several large investors have recently made changes to their positions in INVX. Dimensional Fund Advisors LP lifted its holdings in Innovex International by 14.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,646,376 shares of the company's stock valued at $64,544,000 after purchasing an additional 335,839 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Innovex International by 52.4% during the third 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 in the last quarter. State Street Corp grew its holdings in shares of Innovex International by 0.7% during the fourth quarter. State Street Corp now owns 1,601,149 shares of the company's stock worth $35,017,000 after buying an additional 11,160 shares in the last quarter. MetLife Investment Management LLC grew its holdings in shares of Innovex International by 2.6% during the fourth quarter. MetLife Investment Management LLC now owns 828,757 shares of the company's stock worth $18,125,000 after buying an additional 20,873 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of Innovex International by 102.5% in the first quarter. Bank of America Corp DE now owns 654,265 shares of the company's stock valued at $15,958,000 after buying an additional 331,178 shares during 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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