Wall Street Zen upgraded shares of Innovex International (NYSE:INVX – Free Report) from a hold rating to a buy rating in a research report released on Sunday morning.
A number of other analysts have also recently commented on the company. Zacks Research cut Innovex International from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 17th. Piper Sandler upped their target price on shares of Innovex International from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Citigroup initiated coverage on shares of Innovex International in a research note on Thursday, May 7th. They set a “buy” rating and a $35.00 price target on the stock. Weiss Ratings raised shares of Innovex International from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Finally, Jefferies Financial Group upgraded shares of Innovex International to a “strong-buy” rating in a report on Friday, June 12th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $32.50.
Get Our Latest Stock Report on Innovex International
Innovex International Price Performance
Innovex International (NYSE:INVX – Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.05. Innovex International had a return on equity of 7.12% and a net margin of 6.17%.The company had revenue of $244.90 million during the quarter, compared to the consensus estimate of $241.58 million. On average, sell-side analysts expect that Innovex International will post 1.44 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, insider Mark Reddout sold 10,750 shares of the company’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $28.00, for a total value of $301,000.00. Following the completion of the transaction, the insider directly owned 134,312 shares in the company, valued at approximately $3,760,736. This represents a 7.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Amberjack Capital Partners, L. sold 5,000,000 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 value 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. The trade was a 99.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 9,975,217 shares of company stock valued at $286,393,748 in the last quarter. 34.90% of the stock is currently owned by company insiders.
Institutional Trading of Innovex International
A number of hedge funds have recently added to or reduced their stakes in the business. Strs Ohio acquired a new position in shares of Innovex International during the 4th quarter valued at about $44,000. USA Financial Formulas acquired a new stake in shares of Innovex International in the first quarter worth approximately $53,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Innovex International in the fourth quarter worth approximately $55,000. Tower Research Capital LLC TRC grew its holdings in Innovex International by 418.1% in the second quarter. Tower Research Capital LLC TRC now owns 3,523 shares of the company’s stock valued at $55,000 after purchasing an additional 2,843 shares during the period. Finally, Covestor Ltd grew its holdings in Innovex International by 77.7% in the fourth quarter. Covestor Ltd now owns 3,284 shares of the company’s stock valued at $72,000 after purchasing an additional 1,436 shares during the period.
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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