New Age Alpha Advisors LLC lowered its stake in shares of Innovex International, Inc. (NYSE:INVX – Free Report) by 40.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 43,807 shares of the company’s stock after selling 30,259 shares during the quarter. New Age Alpha Advisors LLC’s holdings in Innovex International were worth $958,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the stock. MQS Management LLC bought a new stake in Innovex International during the fourth quarter worth approximately $288,000. Global Retirement Partners LLC bought a new stake in Innovex International during the fourth quarter worth approximately $103,000. Covestor Ltd boosted its position in Innovex International by 77.7% during the fourth quarter. Covestor Ltd now owns 3,284 shares of the company’s stock worth $72,000 after purchasing an additional 1,436 shares during the period. Leuthold Group LLC bought a new stake in Innovex International during the fourth quarter worth approximately $282,000. Finally, Simcoe Capital LLC bought a new stake in Innovex International during the fourth quarter worth approximately $3,625,000.
Wall Street Analyst Weigh In
INVX has been the subject of several research reports. Zacks Research raised Innovex International from a “strong sell” rating to a “hold” rating in a research report on Monday, May 18th. Weiss Ratings cut Innovex International from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Barclays increased their price objective on Innovex International from $24.00 to $26.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. Citigroup initiated coverage on Innovex International in a research report on Thursday, May 7th. They issued a “buy” rating and a $35.00 price objective for the company. Finally, Piper Sandler increased their price objective on Innovex International from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $31.67.
Insider Activity at Innovex International
In related news, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of the firm’s stock in a transaction 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 completion of the transaction, the director directly owned 399 shares of the company’s stock, valued at $9,811.41. This trade represents a 99.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Amberjack Capital Partners, L. sold 6,612,500 shares of the firm’s stock in a transaction 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 completion of the transaction, the director directly owned 399 shares of the company’s stock, valued at approximately $9,811.41. This trade represents a 99.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 34.90% of the stock is currently owned by corporate insiders.
Innovex International Stock Down 7.9%
INVX opened at $27.60 on Thursday. Innovex International, Inc. has a 1-year low of $13.44 and a 1-year high of $32.25. The company has a current ratio of 5.10, a quick ratio of 3.38 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of 36.80 and a beta of 0.84. The business has a 50 day moving average of $26.70 and a 200-day moving average of $24.86.
Innovex International (NYSE:INVX – Get Free Report) last posted its quarterly earnings data on Monday, February 23rd. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.09). Innovex International had a net margin of 5.31% and a return on equity of 6.72%. The business had revenue of $273.60 million during the quarter, compared to the consensus estimate of $240.00 million. As a group, sell-side analysts anticipate that Innovex International, Inc. will post 1.44 earnings per share for the current year.
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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