Innovex International (NYSE:INVX) Trading Down 5.8% – Here’s What Happened

Innovex International, Inc. (NYSE:INVX) shares traded down 5.8% during mid-day trading on Tuesday . The company traded as low as $15.79 and last traded at $15.81. 95,164 shares were traded during mid-day trading, a decline of 78% from the average session volume of 428,774 shares. The stock had previously closed at $16.78.

Analyst Ratings Changes

Several research analysts have commented on the company. Barclays dropped their price target on Innovex International from $21.00 to $15.00 and set an “underweight” rating on the stock in a research report on Tuesday, November 26th. Pickering Energy Partners raised shares of Innovex International from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 14th.

Innovex International Price Performance

The company has a market cap of $1.08 billion, a price-to-earnings ratio of 11.40 and a beta of 0.89. The company’s 50 day moving average price is $15.08. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.17 and a current ratio of 3.87.

Insider Buying and Selling at Innovex International

In other Innovex International news, CFO Kendal Reed purchased 3,765 shares of the stock in a transaction on Friday, December 13th. The shares were purchased at an average price of $13.28 per share, with a total value of $49,999.20. Following the acquisition, the chief financial officer now directly owns 186,232 shares of the company’s stock, valued at $2,473,160.96. This represents a 2.06 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in INVX. State of Alaska Department of Revenue lifted its holdings in Innovex International by 8.9% during the 4th quarter. State of Alaska Department of Revenue now owns 21,402 shares of the company’s stock valued at $298,000 after purchasing an additional 1,741 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Innovex International by 5.0% in the 4th quarter. Empowered Funds LLC now owns 53,745 shares of the company’s stock worth $751,000 after acquiring an additional 2,569 shares in the last quarter. Central Pacific Bank Trust Division acquired a new position in shares of Innovex International in the 4th quarter worth approximately $63,000. Moody National Bank Trust Division bought a new stake in Innovex International during the 4th quarter worth approximately $234,000. Finally, Barclays PLC acquired a new stake in Innovex International during the 3rd quarter valued at $874,000.

Innovex International Company Profile

Innovex Downhole Solutions Inc designs, manufactures and installs mission-critical drilling & deployment, well construction, completion, production and fishing & intervention solutions to support upstream onshore and offshore activities. Innovex Downhole Solutions Inc, formerly known as Dril-Quip, is based in HOUSTON.