Innovex International (NYSE:INVX) Reaches New 12-Month High – What’s Next?

Innovex International, Inc. (NYSE:INVX) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $33.71 and last traded at $31.8330, with a volume of 1317472 shares trading hands. The stock had previously closed at $28.30.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on INVX shares. Wall Street Zen lowered shares of Innovex International from a “buy” rating to a “hold” rating in a research note on Saturday. Zacks Research lowered Innovex International from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 17th. 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 report on Monday, May 18th. Citigroup started coverage on Innovex International in a research report on Thursday, May 7th. They set a “buy” rating and a $35.00 price objective on the stock. Finally, Jefferies Financial Group raised Innovex International to a “strong-buy” rating in a research note on Friday, June 12th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Innovex International presently has an average rating of “Moderate Buy” and an average price target of $32.25.

Innovex International Trading Up 12.5%

The stock has a market capitalization of $2.19 billion, a price-to-earnings ratio of 42.44 and a beta of 0.83. The company’s 50-day moving average is $26.44 and its 200-day moving average is $26.25. The company has a quick ratio of 3.38, a current ratio of 5.10 and a debt-to-equity ratio of 0.02.

Innovex International (NYSE:INVX) last issued its earnings results on Monday, August 3rd. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.05. The company had revenue of $244.90 million for the quarter, compared to the consensus estimate of $241.58 million. Innovex International had a net margin of 6.17% and a return on equity of 7.15%. Research analysts anticipate that Innovex International, Inc. will post 1.44 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Mark Reddout sold 10,750 shares of Innovex International stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $28.00, for a total transaction of $301,000.00. Following the sale, the insider owned 134,312 shares of the company’s stock, valued at approximately $3,760,736. The trade was a 7.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 34.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Cetera Investment Advisers increased its stake in Innovex International by 7.8% during the first quarter. Cetera Investment Advisers now owns 11,905 shares of the company’s stock worth $290,000 after acquiring an additional 865 shares during the last quarter. Lesa Sroufe & Co lifted its stake in shares of Innovex International by 1.0% in the 1st quarter. Lesa Sroufe & Co now owns 122,788 shares of the company’s stock valued at $2,995,000 after purchasing an additional 1,253 shares during the last quarter. Swiss National Bank lifted its stake in shares of Innovex International by 1.8% in the 1st quarter. Swiss National Bank now owns 74,900 shares of the company’s stock valued at $1,827,000 after purchasing an additional 1,300 shares during the last quarter. Covestor Ltd grew its holdings in shares of Innovex International by 77.7% during the 4th 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. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Innovex International by 7.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,093 shares of the company’s stock worth $379,000 after purchasing an additional 1,467 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.