Innovex International (NYSE:INVX) Price Target Raised to $34.00

Innovex International (NYSE:INVX) had its target price boosted by Piper Sandler from $33.00 to $34.00 in a report released on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price target suggests a potential upside of 16.03% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. Zacks Research cut shares of Innovex International from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 4th. Weiss Ratings cut shares of Innovex International from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 11th. Barclays upped their price target on shares of Innovex International from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. Finally, Citigroup assumed coverage on shares of Innovex International in a report on Thursday, May 7th. They issued a “buy” rating and a $35.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $31.67.

Innovex International Trading Up 4.7%

INVX stock traded up $1.30 during mid-day trading on Monday, reaching $29.30. 100,953 shares of the stock traded hands, compared to its average volume of 504,030. The business has a 50-day moving average price of $26.00 and a two-hundred day moving average price of $24.30. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.38 and a current ratio of 5.10. The stock has a market capitalization of $2.01 billion, a PE ratio of 39.00 and a beta of 0.84. Innovex International has a one year low of $13.44 and a one year high of $29.48.

Innovex International (NYSE:INVX) last posted its quarterly earnings results on Monday, February 23rd. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.09). The company had revenue of $273.60 million during the quarter, compared to the consensus estimate of $240.00 million. Innovex International had a return on equity of 6.72% and a net margin of 5.31%. Equities research analysts expect that Innovex International will post 1.32 EPS for the current year.

Insider Buying and Selling

In related news, CEO Adam Anderson sold 18,837 shares of the company’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $28.50, for a total value of $536,854.50. Following the completion of the sale, the chief executive officer directly owned 466,744 shares of the company’s stock, valued at $13,302,204. This represents a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of the company’s stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $24.59, for a total transaction of $162,601,375.00. Following the completion of the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 13,257,078 shares of company stock valued at $326,097,112 over the last three months. 34.90% of the stock is owned by company insiders.

Institutional Trading of Innovex International

A number of hedge funds have recently added to or reduced their stakes in INVX. Covestor Ltd lifted its stake in Innovex International by 26,300.0% in the third quarter. Covestor Ltd now owns 1,848 shares of the company’s stock worth $34,000 after acquiring an additional 1,841 shares during the period. Smartleaf Asset Management LLC lifted its stake in Innovex International by 31.2% in the third quarter. Smartleaf Asset Management LLC now owns 2,151 shares of the company’s stock worth $40,000 after acquiring an additional 511 shares during the period. Strs Ohio purchased a new stake in Innovex International in the fourth quarter worth about $44,000. Westfuller Advisors LLC purchased a new stake in Innovex International in the third quarter worth about $53,000. Finally, Aster Capital Management DIFC Ltd purchased a new stake in shares of Innovex International during the fourth quarter valued at about $55,000.

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.