Innovex International, Inc. (NYSE:INVX) Short Interest Down 15.5% in March

Innovex International, Inc. (NYSE:INVX) saw a large decline in short interest in March. As of March 31st, there was short interest totaling 2,950,650 shares, a decline of 15.5% from the March 15th total of 3,492,028 shares. Based on an average daily volume of 559,476 shares, the short-interest ratio is presently 5.3 days. Approximately 6.6% of the shares of the stock are short sold.

Insider Buying and Selling

In related news, Director Amberjack Capital Partners, L. sold 6,612,500 shares of the business’s stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $24.59, for a total value of $162,601,375.00. Following the transaction, the director directly owned 399 shares of the company’s stock, valued at approximately $9,811.41. The trade was a 99.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Adam Anderson sold 18,837 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $28.50, for a total transaction of $536,854.50. Following the transaction, the chief executive officer directly owned 466,744 shares of the company’s stock, valued at $13,302,204. The trade was a 3.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 13,257,078 shares of company stock valued at $326,097,112. Corporate insiders own 34.90% of the company’s stock.

Institutional Trading of Innovex International

Hedge funds have recently made changes to their positions in the business. Covestor Ltd boosted its holdings in shares of Innovex International by 26,300.0% in the 3rd quarter. Covestor Ltd now owns 1,848 shares of the company’s stock worth $34,000 after purchasing an additional 1,841 shares during the period. Smartleaf Asset Management LLC boosted its holdings in shares of Innovex International by 31.2% in the 3rd quarter. Smartleaf Asset Management LLC now owns 2,151 shares of the company’s stock worth $40,000 after purchasing an additional 511 shares during the period. Strs Ohio purchased a new position in shares of Innovex International in the 4th quarter worth approximately $44,000. Westfuller Advisors LLC purchased a new position in shares of Innovex International in the 3rd quarter worth approximately $53,000. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of Innovex International in the 4th quarter worth approximately $55,000.

Innovex International Price Performance

Shares of INVX stock traded down $0.56 on Friday, reaching $25.73. The company’s stock had a trading volume of 354,547 shares, compared to its average volume of 457,512. The stock’s fifty day simple moving average is $25.52 and its 200-day simple moving average is $23.14. Innovex International has a 1 year low of $11.93 and a 1 year high of $29.48. The company has a current ratio of 4.91, a quick ratio of 3.24 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of 21.44 and a beta of 0.75.

Innovex International (NYSE:INVX) last posted its earnings results on Monday, February 23rd. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.09). The business had revenue of $273.60 million during the quarter, compared to analysts’ expectations of $240.00 million. Innovex International had a net margin of 8.52% and a return on equity of 6.55%.

Analysts Set New Price Targets

Several research firms recently weighed in on INVX. Barclays raised their target price on shares of Innovex International from $20.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 3rd. Zacks Research downgraded Innovex International from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 4th. Finally, Weiss Ratings downgraded Innovex International from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $25.50.

Innovex International Company Profile

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.