Innovex International (NYSE:INVX) Shares Gap Down - Here's What Happened

Key Points

• Innovex International shares fell 6.8%, opening at $28.45 versus a prior close of $30.70, with about 712,491 shares traded.
• Analyst sentiment remains moderately positive, with an average rating of “Moderate Buy” and a consensus price target of $32.25, although several firms recently downgraded the stock to “Hold.”
• The company beat quarterly expectations, reporting $0.36 in EPS versus a $0.31 estimate and revenue of $244.9 million versus $241.6 million expected. An insider also sold 10,750 shares for approximately $301,000.

Shares of Innovex International, Inc. (NYSE:INVX - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $30.70, but opened at $28.45. Innovex International shares last traded at $28.47, with a volume of 712,491 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Wall Street Zen lowered Innovex International from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Barclays lifted their target price 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. Weiss Ratings downgraded shares of Innovex International from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, May 11th. Citigroup assumed coverage on shares of Innovex International in a report on Thursday, May 7th. They set a "buy" rating and a $35.00 price target on the stock. Finally, Zacks Research lowered shares of Innovex International from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $32.25.

Innovex International Stock Down 6.8%

The company has a market cap of $2.00 billion, a price-to-earnings ratio of 32.15 and a beta of 0.83. The company has a current ratio of 5.01, a quick ratio of 3.38 and a debt-to-equity ratio of 0.02. The business has a fifty day moving average of $26.57 and a two-hundred day moving average of $26.34.

Innovex International (NYSE:INVX - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.31 by $0.05. The company had revenue of $244.90 million for the quarter, compared to analyst estimates of $241.58 million. Innovex International had a return on equity of 7.12% and a net margin of 6.17%. As a group, equities analysts anticipate that Innovex International, Inc. will post 1.44 EPS for the current fiscal year.

Insider Activity

In other 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 transaction, the insider owned 134,312 shares in the company, valued at $3,760,736. This trade represents a 7.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 34.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Innovex International

Large investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its position 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 purchasing an additional 335,839 shares during the period. Wellington Management Group LLP raised its position in shares of Innovex International by 52.4% during the 3rd quarter. Wellington Management Group LLP now owns 2,434,808 shares of the company's stock worth $45,141,000 after purchasing an additional 837,027 shares during the last quarter. State Street Corp raised its position in shares of Innovex International by 0.7% during the 4th quarter. State Street Corp now owns 1,601,149 shares of the company's stock worth $35,017,000 after purchasing an additional 11,160 shares during the last quarter. MetLife Investment Management LLC lifted its stake in Innovex International by 2.6% in the 4th quarter. MetLife Investment Management LLC now owns 828,757 shares of the company's stock valued at $18,125,000 after buying an additional 20,873 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in Innovex International by 102.5% in the 1st 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 in 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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