Innovex International (NYSE:INVX) Stock Price Up 6.6% - Here's Why

Key Points

• Innovex International shares rose 6.6% to about $29.78, although trading volume was roughly 90% below the stock’s average daily volume.
• Analyst sentiment remains moderately positive, with a consensus rating of “Moderate Buy” and an average price target of $32.75; Citigroup recently raised its target to $36.
• The company exceeded quarterly expectations, reporting adjusted earnings of $0.36 per share and revenue of $244.9 million, but insiders sold nearly 10 million shares worth approximately $286.1 million over the past 90 days.

Shares of Innovex International, Inc. (NYSE:INVX - Get Free Report) traded up 6.6% on Friday. The company traded as high as $29.67 and last traded at $29.78. Approximately 55,320 shares were traded during trading, a decline of 90% from the average daily volume of 565,503 shares. The stock had previously closed at $27.93.

Analysts Set New Price Targets

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

Innovex International Trading Up 6.8%

The company has a quick ratio of 3.32, a current ratio of 5.01 and a debt-to-equity ratio of 0.02. The firm has a 50 day moving average of $28.92 and a 200 day moving average of $27.76. The firm has a market cap of $2.09 billion, a PE ratio of 33.75 and a beta of 0.92.

Innovex International (NYSE:INVX - Get Free Report) last posted its earnings results on Monday, August 3rd. The company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.31 by $0.05. Innovex International had a net margin of 6.17% and a return on equity of 7.12%. The business had revenue of $244.90 million for the quarter, compared to analyst estimates of $241.58 million. Equities analysts anticipate that Innovex International, Inc. will post 1.44 earnings per share for the current year.

Insider Activity at Innovex International

In related news, insider Mark Reddout sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the completion of the transaction, the insider owned 124,312 shares in the company, valued at $3,729,360. This represents a 7.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Amberjack Capital Partners, L. sold 5,000,000 shares of the firm's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $28.71, for a total value of $143,550,000.00. 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 9,964,467 shares of company stock worth $286,092,748 in the last ninety days. 34.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Innovex International

A number of institutional investors have recently made changes to their positions in INVX. Yousif Capital Management LLC grew its stake in shares of Innovex International by 24.6% during the 3rd quarter. Yousif Capital Management LLC now owns 12,781 shares of the company's stock valued at $345,000 after purchasing an additional 2,523 shares during the period. Tidal Investments LLC increased its stake in Innovex International by 0.4% in the second quarter. Tidal Investments LLC now owns 176,951 shares of the company's stock worth $4,388,000 after purchasing an additional 703 shares during the period. Engineers Gate Manager LP purchased a new position in Innovex International during the second quarter valued at approximately $1,148,000. Squarepoint Ops LLC acquired a new position in Innovex International during the 2nd quarter valued at about $2,017,000. Finally, Arizona State Retirement System boosted its position in Innovex International by 13.5% in the second quarter. Arizona State Retirement System now owns 11,824 shares of the company's stock valued at $293,000 after buying an additional 1,407 shares during the last quarter.

About Innovex International

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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