Barclays Raises Innovex International (NYSE:INVX) Price Target to $24.00

Innovex International (NYSE:INVX) had its price target lifted by research analysts at Barclays from $20.00 to $24.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s target price would suggest a potential downside of 8.78% from the stock’s current price.

INVX has been the subject of a number of other research reports. Weiss Ratings cut Innovex International from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, February 27th. Piper Sandler boosted their target price on Innovex International from $20.00 to $27.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $25.50.

Innovex International Stock Performance

INVX stock opened at $26.31 on Tuesday. The firm has a 50 day moving average of $24.72 and a two-hundred day moving average of $21.35. Innovex International has a 12 month low of $11.93 and a 12 month high of $29.48. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of 21.93 and a beta of 0.72. The company has a quick ratio of 3.24, a current ratio of 4.91 and a debt-to-equity ratio of 0.02.

Innovex International (NYSE:INVX) last released its quarterly earnings data on Monday, February 23rd. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.09). The business had revenue of $273.60 million during the quarter, compared to analyst estimates of $240.00 million. Innovex International had a net margin of 8.52% and a return on equity of 6.55%.

Insiders Place Their Bets

In other Innovex International news, CEO Adam Anderson sold 18,837 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $28.50, for a total value of $536,854.50. Following the sale, the chief executive officer owned 466,744 shares of the company’s stock, valued at $13,302,204. This trade represents a 3.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of the company’s stock in a transaction that occurred 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 transaction, the director 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 disclosure for this sale is available in the SEC filing. Insiders have sold 13,290,319 shares of company stock worth $326,928,137 in the last 90 days. 43.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its holdings in Innovex International by 5.2% during the 2nd quarter. Geode Capital Management LLC now owns 922,305 shares of the company’s stock worth $14,408,000 after acquiring an additional 45,174 shares during the last quarter. Brandes Investment Partners LP grew its holdings in Innovex International by 7.7% during the 2nd quarter. Brandes Investment Partners LP now owns 7,054,674 shares of the company’s stock worth $110,194,000 after acquiring an additional 504,935 shares during the period. Heartland Advisors Inc. bought a new stake in Innovex International in the third quarter valued at about $3,708,000. Bank of Montreal Can bought a new stake in shares of Innovex International in the 2nd quarter valued at about $158,000. Finally, Empowered Funds LLC raised its holdings in Innovex International by 294.6% in the second quarter. Empowered Funds LLC now owns 229,378 shares of the company’s stock worth $3,583,000 after purchasing an additional 171,247 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.