NuVasive Inc. (NUVA) Hits New 52-Week High After Analyst Upgrade
NuVasive Inc. (NASDAQ:NUVA) hit a new 52-week high during mid-day trading on Monday after Barclays PLC raised their price target on the stock from $71.00 to $74.00. Barclays PLC currently has an overweight rating on the stock. NuVasive traded as high as $69.50 and last traded at $68.36, with a volume of 450,904 shares. The stock had previously closed at $67.21.
Other equities research analysts have also recently issued research reports about the stock. Jefferies Group reaffirmed a “buy” rating on shares of NuVasive in a research note on Wednesday, August 3rd. Brean Capital lifted their target price on shares of NuVasive from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, July 27th. Zacks Investment Research cut shares of NuVasive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 27th. JPMorgan Chase & Co. raised shares of NuVasive from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $55.00 to $74.00 in a research note on Wednesday, July 13th. Finally, Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $70.00 target price on shares of NuVasive in a research note on Thursday, September 1st. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $66.36.
In other NuVasive news, EVP Jason Hannon sold 11,184 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $62.70, for a total transaction of $701,236.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lesley H. Howe sold 3,602 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $62.44, for a total transaction of $224,908.88. The disclosure for this sale can be found here. Company insiders own 4.70% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Victory Capital Management Inc. raised its stake in shares of NuVasive by 77.1% in the second quarter. Victory Capital Management Inc. now owns 1,884 shares of the medical device company’s stock worth $113,000 after buying an additional 820 shares during the period. Fortaleza Asset Management Inc. bought a new position in shares of NuVasive during the second quarter worth approximately $115,000. Seven Eight Capital LLC bought a new position in shares of NuVasive during the first quarter worth approximately $117,000. LS Investment Advisors LLC increased its position in shares of NuVasive by 7.8% in the second quarter. LS Investment Advisors LLC now owns 2,097 shares of the medical device company’s stock worth $125,000 after buying an additional 151 shares in the last quarter. Finally, Smith Asset Management Group LP increased its position in shares of NuVasive by 7,796.8% in the second quarter. Smith Asset Management Group LP now owns 2,448 shares of the medical device company’s stock worth $146,000 after buying an additional 2,417 shares in the last quarter.
The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of 70.93 and a beta of 0.51. The company has a 50-day moving average price of $66.03 and a 200 day moving average price of $58.91.
NuVasive (NASDAQ:NUVA) last posted its quarterly earnings data on Tuesday, July 26th. The medical device company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.04. The business had revenue of $236.50 million for the quarter, compared to analyst estimates of $232.86 million. NuVasive had a return on equity of 10.57% and a net margin of 5.28%. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.31 earnings per share. On average, analysts predict that NuVasive Inc. will post $1.65 EPS for the current year.
Nuvasive, Inc is a medical device company in the spine market. The Company focuses on developing minimally-disruptive surgical products and procedurally-integrated solutions for the spine. The Company offers two product lines: spine surgery products and biologics. The Company’s spine surgery products line offerings include thoracolumbar product offerings, cervical product offerings, Intra-Operative Monitoring (IOM) services and disposables, which are used to enable access to the spine and to perform restorative and fusion procedures in a minimally disruptive fashion.
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