Innovex International (NYSE:INVX) Trading Up 4.4% - Here's Why

Key Points

• Innovex International's stock price increased by 4.4%, reaching a trading high of $19.06, but the trading volume was down 45% compared to its average daily volume.
• Analysts have mixed ratings on the stock, with a current average rating of "Moderate Buy" and a price target of $16.50, indicating some uncertainty in investor sentiment.
• Hedge funds have shown significant interest in Innovex International, with multiple firms increasing their positions in the company by over 150% during recent quarters.

Innovex International, Inc. (NYSE:INVX - Get Free Report)'s stock price was up 4.4% during trading on Wednesday . The stock traded as high as $19.06 and last traded at $19.05. Approximately 215,578 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 389,224 shares. The stock had previously closed at $18.24.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on INVX shares. Weiss Ratings reiterated a "hold (c+)" rating on shares of Innovex International in a research note on Wednesday, October 8th. Piper Sandler started coverage on shares of Innovex International in a research note on Tuesday, July 15th. They issued an "overweight" rating and a $20.00 price objective for the company. Finally, Wall Street Zen lowered shares of Innovex International from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Innovex International currently has an average rating of "Moderate Buy" and an average price target of $16.50.

Innovex International Stock Performance

The company's fifty day simple moving average is $17.40 and its 200 day simple moving average is $16.20. The company has a current ratio of 4.60, a quick ratio of 2.69 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $1.33 billion, a P/E ratio of 6.68 and a beta of 0.74.

Innovex International (NYSE:INVX - Get Free Report) last announced its quarterly earnings results on Wednesday, February 23rd. The company reported ($0.12) EPS for the quarter. The firm had revenue of $87.23 million during the quarter. Innovex International had a net margin of 16.66% and a return on equity of 8.58%.

Hedge Funds Weigh In On Innovex International

Hedge funds have recently modified their holdings of the company. US Bancorp DE increased its position in shares of Innovex International by 234.0% in the first quarter. US Bancorp DE now owns 1,533 shares of the company's stock valued at $28,000 after acquiring an additional 1,074 shares during the period. GAMMA Investing LLC boosted its stake in shares of Innovex International by 169.7% during the 1st quarter. GAMMA Investing LLC now owns 2,101 shares of the company's stock valued at $38,000 after purchasing an additional 1,322 shares in the last quarter. First Horizon Advisors Inc. boosted its stake in shares of Innovex International by 150.3% during the 2nd quarter. First Horizon Advisors Inc. now owns 3,367 shares of the company's stock valued at $53,000 after purchasing an additional 2,022 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Innovex International by 264.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 3,375 shares of the company's stock valued at $60,000 after purchasing an additional 2,450 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Innovex International by 418.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,523 shares of the company's stock valued at $55,000 after purchasing an additional 2,843 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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