Innovex International (NYSE:INVX) Shares Down 5.8% – Here’s Why

Innovex International, Inc. (NYSE:INVX)’s share price fell 5.8% on Tuesday . The stock traded as low as $15.79 and last traded at $15.81. 95,164 shares traded hands 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.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Barclays lowered their price objective on shares of 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 Innovex International from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 14th.

Innovex International Stock Down 0.8 %

The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.17 and a current ratio of 3.87. The firm’s 50-day moving average price is $15.13. The company has a market cap of $1.07 billion, a P/E ratio of 11.25 and a beta of 0.89.

Insider Activity

In related news, CFO Kendal Reed acquired 3,765 shares of the stock in a transaction on Friday, December 13th. The stock was acquired at an average price of $13.28 per share, for a total transaction of $49,999.20. Following the completion of the purchase, the chief financial officer now owns 186,232 shares of the company’s stock, valued at $2,473,160.96. This represents a 2.06 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On Innovex International

Hedge funds have recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System grew its stake in shares of Innovex International by 9.0% in the fourth quarter. Louisiana State Employees Retirement System now owns 18,200 shares of the company’s stock worth $254,000 after acquiring an additional 1,500 shares during the period. State of Alaska Department of Revenue boosted its holdings in Innovex International by 8.9% in the fourth quarter. State of Alaska Department of Revenue now owns 21,402 shares of the company’s stock worth $298,000 after purchasing an additional 1,741 shares during the last quarter. Empowered Funds LLC grew its position in 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 purchasing an additional 2,569 shares during the period. Rhumbline Advisers raised its stake in Innovex International by 4.0% during the 4th quarter. Rhumbline Advisers now owns 112,143 shares of the company’s stock valued at $1,567,000 after buying an additional 4,297 shares during the last quarter. Finally, Central Pacific Bank Trust Division bought a new position in shares of Innovex International during the 4th quarter valued at $63,000.

About Innovex International

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.