Innovex International (NYSE:INVX) Shares Gap Down After Insider Selling

Innovex International, Inc. (NYSE:INVX) gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $29.25, but opened at $26.97. Innovex International shares last traded at $26.08, with a volume of 631,671 shares changing hands.

Specifically, CEO Adam Anderson sold 18,837 shares of Innovex International stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $28.50, for a total transaction of $536,854.50. Following the completion of the transaction, the chief executive officer owned 466,744 shares in the company, valued at approximately $13,302,204. The trade was a 3.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Adam Anderson sold 13,241 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $27.00, for a total value of $357,507.00. Following the completion of the sale, the chief executive officer directly owned 485,581 shares in the company, valued at approximately $13,110,687. This represents a 2.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on INVX shares. Piper Sandler lifted their price target on Innovex International from $20.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Innovex International in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.00.

Innovex International Price Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.91 and a quick ratio of 2.93. The company has a market capitalization of $1.84 billion, a PE ratio of 22.14 and a beta of 0.75. The firm has a 50-day moving average of $24.39 and a 200 day moving average of $21.03.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Covestor Ltd lifted its position in Innovex International by 26,300.0% during the third quarter. Covestor Ltd now owns 1,848 shares of the company’s stock valued at $34,000 after purchasing an additional 1,841 shares during the period. Smartleaf Asset Management LLC raised its stake in Innovex International by 31.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 2,151 shares of the company’s stock valued at $40,000 after buying an additional 511 shares during the last quarter. Strs Ohio purchased a new stake in Innovex International during the 4th quarter valued at $44,000. First Horizon Advisors Inc. lifted its holdings in shares of Innovex International by 150.3% during the 2nd quarter. First Horizon Advisors Inc. now owns 3,367 shares of the company’s stock valued at $53,000 after buying an additional 2,022 shares during the period. Finally, Westfuller Advisors LLC bought a new position in shares of Innovex International during the 3rd quarter valued at $53,000.

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.