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

Key Points

• Innovex International shares opened sharply higher, rising from a prior close of $27.93 to $29.60 and last trading at $30.14.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $32.75, despite some recent downgrades to “Hold.”
• The company exceeded quarterly expectations, reporting $0.36 in EPS versus the $0.31 estimate and $244.9 million in revenue; however, insiders sold nearly 10 million shares worth about $286.1 million during the last quarter.

Innovex International, Inc. (NYSE:INVX - Get Free Report)'s stock price gapped up prior to trading on Monday. The stock had previously closed at $27.93, but opened at $29.60. Innovex International shares last traded at $30.14, with a volume of 10,966 shares traded.

Wall Street Analyst Weigh In

A number of research firms recently commented on INVX. Zacks Research downgraded Innovex International from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 17th. Wall Street Zen downgraded Innovex International from a "buy" rating to a "hold" rating in a research note on Monday, August 17th. Citigroup upped their target price on Innovex International from $35.00 to $36.00 and gave the company a "buy" rating in a report on Wednesday, August 26th. Weiss Ratings upgraded Innovex International from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. Finally, Barclays boosted their price target on shares of Innovex International from $26.00 to $27.00 and gave the company an "equal weight" rating in a report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $32.75.

Innovex International Price Performance

The business's 50-day simple moving average is $28.90 and its 200 day simple moving average is $27.79. The company has a market capitalization of $2.13 billion, a P/E ratio of 34.15 and a beta of 0.92. The company has a current ratio of 5.01, a quick ratio of 3.32 and a debt-to-equity ratio of 0.02.

Innovex International (NYSE:INVX - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.05. The business had revenue of $244.90 million during 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, sell-side analysts anticipate that Innovex International, Inc. will post 1.44 EPS for the current year.

Insider Activity

In other news, Director Amberjack Capital Partners, L. sold 5,000,000 shares of the firm'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 $143,550,000.00. Following the completion of the transaction, the director owned 311 shares in the company, valued at approximately $8,928.81. This trade represents a 99.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of Innovex International stock in a transaction on Monday, August 10th. The stock was sold at an average price of $28.71, for a total value of $142,242,747.57. Following the completion of the transaction, the director owned 311 shares in the company, valued at $8,928.81. The trade was a 99.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 9,964,467 shares of company stock worth $286,092,748. Corporate insiders own 34.90% of the company's stock.

Hedge Funds Weigh In On Innovex International

A number of institutional investors have recently bought and sold shares of the stock. Freestone Grove Partners LP purchased a new stake in Innovex International during the second quarter valued at about $43,000. USA Financial Formulas acquired a new stake in shares of Innovex International during the first quarter valued at approximately $53,000. Global Retirement Partners LLC purchased a new stake in shares of Innovex International in the 2nd quarter valued at approximately $122,000. Quantinno Capital Management LP acquired a new position in Innovex International in the 1st quarter worth approximately $215,000. Finally, Summit Global Investments acquired a new position in Innovex International in the 2nd quarter worth approximately $222,000.

Innovex International Company Profile

Innovex International, Inc is an energy technology and oilfield equipment company that provides products and services used throughout the life cycle of oil and natural gas wells. Its offerings support drilling, completion, production, intervention and other well-construction and well-maintenance activities for operators and oilfield service companies.

The company's portfolio includes downhole tools and technologies, completion equipment, wellhead and production systems, and equipment used in onshore and offshore applications.

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