Innovex International (NYSE:INVX) Cut to Strong Sell at Zacks Research

Zacks Research cut shares of Innovex International (NYSE:INVX) from a hold rating to a strong sell rating in a research note released on Wednesday morning,Zacks.com reports.

INVX has been the subject of several other research reports. Piper Sandler raised their target price 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 cut Innovex International from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, February 27th. Finally, Barclays lifted their price objective on Innovex International from $20.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Innovex International has a consensus rating of “Hold” and an average target price of $25.50.

Innovex International Price Performance

Shares of NYSE:INVX opened at $27.40 on Wednesday. The firm has a market capitalization of $1.89 billion, a PE ratio of 22.83 and a beta of 0.72. The company has a current ratio of 4.91, a quick ratio of 3.24 and a debt-to-equity ratio of 0.02. Innovex International has a 1-year low of $11.93 and a 1-year high of $29.48. The business’s 50 day moving average is $24.93 and its 200-day moving average is $21.46.

Innovex International (NYSE:INVX) last issued its earnings results on Monday, February 23rd. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.09). The firm 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 6.55% and a net margin of 8.52%.

Insider Transactions at Innovex International

In other news, Director Amberjack Capital Partners, L. sold 6,612,500 shares of Innovex International stock in a transaction that occurred on Friday, February 27th. The shares were 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 owned 399 shares in the company, valued at $9,811.41. The trade was a 99.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Adam Anderson sold 18,837 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were 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 $13,302,204. This represents a 3.88% 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 valued at $326,928,137 in the last three months. Company insiders own 43.90% of the company’s stock.

Institutional Trading of Innovex International

Institutional investors have recently bought and sold shares of the business. Smartleaf Asset Management LLC boosted its position in shares of Innovex International by 31.2% in the 3rd quarter. Smartleaf Asset Management LLC now owns 2,151 shares of the company’s stock worth $40,000 after purchasing an additional 511 shares during the last quarter. Lesa Sroufe & Co increased its holdings in Innovex International by 0.5% in the third quarter. Lesa Sroufe & Co now owns 114,980 shares of the company’s stock valued at $2,132,000 after purchasing an additional 561 shares during the last quarter. Intech Investment Management LLC lifted its stake in Innovex International by 4.4% in the second quarter. Intech Investment Management LLC now owns 23,452 shares of the company’s stock valued at $366,000 after buying an additional 978 shares during the period. Arizona State Retirement System lifted its stake in Innovex International by 10.9% in the third quarter. Arizona State Retirement System now owns 11,226 shares of the company’s stock valued at $208,000 after buying an additional 1,104 shares during the period. Finally, Covestor Ltd boosted its holdings in Innovex International by 77.7% during the fourth quarter. Covestor Ltd now owns 3,284 shares of the company’s stock worth $72,000 after buying an additional 1,436 shares during the last quarter.

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.