Innovex International (NYSE:INVX) Stock Price Down 5.2% Following Analyst Downgrade

Innovex International, Inc. (NYSE:INVX)’s stock price fell 5.2% during mid-day trading on Friday after Barclays lowered their price target on the stock from $16.00 to $13.00. Barclays currently has an underweight rating on the stock. Innovex International traded as low as $14.85 and last traded at $14.85. 37,215 shares were traded during trading, a decline of 91% from the average session volume of 406,101 shares. The stock had previously closed at $15.66.

Separately, Pickering Energy Partners raised Innovex International from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 14th.

Hedge Funds Weigh In On Innovex International

A number of hedge funds have recently added to or reduced their stakes in INVX. Brandes Investment Partners LP grew its position in Innovex International by 41.3% in the fourth quarter. Brandes Investment Partners LP now owns 6,304,068 shares of the company’s stock worth $88,068,000 after acquiring an additional 1,841,686 shares in the last quarter. Madison Avenue Partners LP lifted its stake in shares of Innovex International by 64.6% in the 4th quarter. Madison Avenue Partners LP now owns 1,686,476 shares of the company’s stock valued at $23,560,000 after purchasing an additional 662,009 shares during the last quarter. Investment Management Associates Inc. ADV bought a new stake in Innovex International in the first quarter worth $6,937,000. Vanguard Group Inc. increased its position in Innovex International by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 4,263,005 shares of the company’s stock worth $59,554,000 after buying an additional 221,598 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in Innovex International by 175.8% during the fourth quarter. Invesco Ltd. now owns 332,468 shares of the company’s stock valued at $4,645,000 after buying an additional 211,907 shares in the last quarter.

Innovex International Price Performance

The company has a market cap of $1.03 billion, a P/E ratio of 10.54 and a beta of 0.80. The stock’s fifty day moving average price is $16.44. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.87 and a quick ratio of 2.17.

Innovex International (NYSE:INVX) last posted its earnings results on Tuesday, May 6th. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.03). Innovex International had a negative return on equity of 0.73% and a net margin of 12.31%. The company had revenue of $240.42 million during the quarter, compared to analyst estimates of $247.73 million.

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.