Wall Street Zen Downgrades Innovex International (NYSE:INVX) to Hold

Key Points

• Wall Street Zen downgraded Innovex International from “buy” to “hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $32.25.
• INVX shares rose 6.0% and opened at $28.16, near the middle of their 52-week range of $15.54 to $32.25. The company has a $1.94 billion market capitalization and minimal leverage, with a debt-to-equity ratio of 0.02.
• Insider Mark Reddout sold 10,750 shares for approximately $301,000, reducing his position by 7.41%; insiders collectively own 34.90% of the company, while several institutional investors recently increased their holdings.

Innovex International (NYSE:INVX - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday.

INVX has been the topic of a number of other reports. Piper Sandler increased their price objective on shares of Innovex International from $33.00 to $34.00 and gave the company an "overweight" rating in a research note on Monday, May 18th. Zacks Research cut shares of Innovex International from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 17th. Barclays upped their price target on shares of Innovex International from $24.00 to $26.00 and gave the company an "equal weight" rating in a report on Friday, May 8th. Jefferies Financial Group upgraded shares of Innovex International to a "strong-buy" rating in a research report on Friday, June 12th. Finally, Weiss Ratings cut shares of Innovex International from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $32.25.

Innovex International Trading Up 6.0%

Shares of INVX stock opened at $28.16 on Friday. Innovex International has a fifty-two week low of $15.54 and a fifty-two week high of $32.25. The stock has a market cap of $1.94 billion, a P/E ratio of 37.54 and a beta of 0.83. The business has a fifty day simple moving average of $26.43 and a 200-day simple moving average of $26.15. The company has a quick ratio of 3.38, a current ratio of 5.10 and a debt-to-equity ratio of 0.02.

Insider Activity at Innovex International

In related news, insider Mark Reddout sold 10,750 shares of Innovex International stock in a transaction dated 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 owned 134,312 shares in the company, valued at approximately $3,760,736. This trade represents a 7.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 34.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Innovex International

Hedge funds have recently modified their holdings of the company. AQR Capital Management LLC acquired a new position in shares of Innovex International in the first quarter valued at approximately $269,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Innovex International by 7.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,093 shares of the company's stock valued at $379,000 after buying an additional 1,467 shares during the period. Caxton Associates LLP acquired a new stake in Innovex International during the first quarter worth approximately $270,000. Empowered Funds LLC boosted its position in Innovex International by 8.2% during the first quarter. Empowered Funds LLC now owns 58,131 shares of the company's stock worth $1,044,000 after acquiring an additional 4,386 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Innovex International by 11.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,225 shares of the company's stock worth $1,764,000 after acquiring an additional 10,401 shares during 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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