Innovex International (NYSE:INVX) Stock Breaks Below Fifty Day Moving Average After Earnings Miss

Key Points

• Innovex International shares fell below their 50-day moving average after quarterly earnings came in at $0.37 per share, below the $0.39 analyst consensus. Revenue of $265.05 million was also slightly below expectations.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $32.80, although some firms maintain neutral or hold ratings.
• Insiders sold nearly 10 million shares worth approximately $286.1 million over the past 90 days, while several institutional investors—including BlackRock—established or increased positions.

Shares of Innovex International, Inc. (NYSE:INVX - Get Free Report) crossed below its 50-day moving average during trading on Friday after the company announced weaker than expected quarterly earnings. The stock has a 50-day moving average of $28.92 and traded as low as $25.98. Innovex International shares last traded at $28.18, with a volume of 1,200,549 shares traded.

The company reported $0.37 earnings per share for the quarter, missing analysts' consensus estimates of $0.39 by ($0.02). The firm had revenue of $265.05 million during the quarter, compared to analysts' expectations of $265.64 million. Innovex International had a net margin of 4.75% and a return on equity of 8.43%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on INVX shares. Barclays lifted their target price 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. JPMorgan Chase & Co. assumed coverage on shares of Innovex International in a research report on Tuesday. They issued a "neutral" rating and a $33.00 price objective for the company. Citigroup raised their price objective on shares of Innovex International from $35.00 to $36.00 and gave the company a "buy" rating in a research report on Wednesday, August 26th. Weiss Ratings raised Innovex International from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, October 8th. Finally, Zacks Research cut Innovex International from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $32.80.

Insider Transactions at Innovex International

In other news, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of the company's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $28.71, for a total transaction of $142,242,747.57. Following the transaction, the director directly owned 311 shares of the company's stock, valued at $8,928.81. This represents a 99.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Amberjack Capital Partners, L. sold 5,000,000 shares of the 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 of the company's stock, valued at $8,928.81. This represents a 99.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 9,964,467 shares of company stock valued at $286,092,748 in the last ninety days. 34.90% of the stock is currently owned by company insiders.

Institutional Trading of Innovex International

A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in Innovex International during the second quarter worth $160,389,000. Dimensional Fund Advisors LP increased 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 buying an additional 335,839 shares in the last quarter. Bank of America Corp DE purchased a new position in shares of Innovex International in the second quarter valued at $16,540,000. William Blair Investment Management LLC acquired a new position in shares of Innovex International during the 2nd quarter worth $11,492,000. Finally, Heartland Advisors Inc. acquired a new position in shares of Innovex International during the 2nd quarter worth $11,020,000.

Innovex International Stock Down 6.1%

The company has a current ratio of 5.01, a quick ratio of 3.32 and a debt-to-equity ratio of 0.02. The firm has a 50 day moving average price of $28.92 and a 200-day moving average price of $27.15. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of 40.84 and a beta of 0.92.

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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