Innovex International (NYSE:INVX) Shares Up 12.2% on Strong Earnings

Key Points

• Innovex International shares jumped 12.2% after the company reported quarterly EPS of $0.36, beating analyst expectations of $0.31, while revenue of $244.9 million also exceeded estimates.
• Analyst sentiment remains positive but mixed: the stock has a “Moderate Buy” consensus rating and an average price target of $32.25, with targets ranging up to $35.00.
• An insider sold 10,750 shares for approximately $301,000, reducing their holdings by 7.41%; corporate insiders still own 34.9% of the company.

Shares of Innovex International, Inc. (NYSE:INVX - Get Free Report) rose 12.2% during mid-day trading on Tuesday following a stronger than expected earnings report. The company traded as high as $31.69 and last traded at $31.7580. 263,181 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 481,219 shares. The stock had previously closed at $28.30.

The company reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.31 by $0.05. Innovex International had a return on equity of 6.72% and a net margin of 5.31%.The company had revenue of $244.90 million for the quarter, compared to analyst estimates of $241.58 million.

Wall Street Analyst Weigh In

INVX has been the topic of a number of analyst reports. Weiss Ratings lowered shares of Innovex International from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Zacks Research downgraded shares of Innovex International from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 17th. 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 report on Monday, May 18th. Wall Street Zen cut shares of Innovex International from a "buy" rating to a "hold" rating in a research report on Saturday. Finally, Citigroup assumed 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. Two equities research 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 company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $32.25.

Insider Activity

In other Innovex International news, insider Mark Reddout sold 10,750 shares of the business's 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 sale, the insider directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 34.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Innovex International

Hedge funds have recently modified their holdings of the stock. Strs Ohio bought a new position in Innovex International during the fourth quarter valued at $44,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Innovex International in the fourth quarter valued at $55,000. Tower Research Capital LLC TRC raised its stake in shares of Innovex International by 418.1% in the second quarter. Tower Research Capital LLC TRC now owns 3,523 shares of the company's stock valued at $55,000 after buying an additional 2,843 shares during the period. Covestor Ltd lifted its position in shares of Innovex International by 77.7% during 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 during the last quarter. Finally, Global Retirement Partners LLC purchased a new position in shares of Innovex International during the 4th quarter valued at $103,000.

Innovex International Price Performance

The company has a current ratio of 5.10, a quick ratio of 3.38 and a debt-to-equity ratio of 0.02. The stock has a market cap of $2.18 billion, a PE ratio of 42.46 and a beta of 0.83. The business has a 50-day moving average price of $26.40 and a 200 day moving average price of $26.20.

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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