Innovex International (NYSE:INVX – Get Free Report) had its price target increased by equities research analysts at Barclays from $26.00 to $27.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price target would indicate a potential downside of 8.27% from the company’s current price.
Several other brokerages have also recently commented on INVX. Jefferies Financial Group upgraded shares of Innovex International to a “strong-buy” rating in a research report on Friday, June 12th. Wall Street Zen raised Innovex International from a “hold” rating to a “buy” rating in a research note on Sunday. Citigroup assumed coverage on Innovex International in a research report on Thursday, May 7th. They issued a “buy” rating and a $35.00 price target on the stock. Piper Sandler lifted their price objective on Innovex International from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. Finally, Weiss Ratings upgraded Innovex International from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $32.50.
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Innovex International Trading Up 0.9%
Innovex International (NYSE:INVX – Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate 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. On average, analysts predict that Innovex International will post 1.44 earnings per share for the current year.
Insiders Place Their Bets
In related news, insider Mark Reddout sold 10,000 shares of the business’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 value of $300,000.00. Following the completion of the transaction, the insider directly owned 124,312 shares in the company, valued at approximately $3,729,360. The trade was a 7.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Amberjack Capital Partners, L. sold 5,000,000 shares of the business’s stock in a transaction that occurred 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. This represents a 99.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 9,975,217 shares of company stock worth $286,393,748 over the last ninety days. 34.90% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of Innovex International in the second quarter valued at approximately $160,389,000. Wellington Management Group LLP lifted its position in Innovex International by 52.4% in the 3rd quarter. Wellington Management Group LLP now owns 2,434,808 shares of the company’s stock valued at $45,141,000 after acquiring an additional 837,027 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Innovex International by 14.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,646,376 shares of the company’s stock valued at $64,544,000 after acquiring an additional 335,839 shares in the last quarter. Bank of America Corp DE boosted its stake in Innovex International by 102.5% in the 1st quarter. Bank of America Corp DE now owns 654,265 shares of the company’s stock worth $15,958,000 after purchasing an additional 331,178 shares during the period. Finally, Bridgeway Capital Management LLC boosted its stake in Innovex International by 371.9% in the 2nd quarter. Bridgeway Capital Management LLC now owns 344,178 shares of the company’s stock worth $5,376,000 after purchasing an additional 271,247 shares during the period.
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.
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