NuVasive Inc. (NUVA) Sets New 12-Month High at $69.00
NuVasive Inc. (NASDAQ:NUVA) hit a new 52-week high during trading on Wednesday . The company traded as high as $69.00 and last traded at $66.88, with a volume of 533,544 shares changing hands. The stock had previously closed at $66.89.
A number of brokerages have commented on NUVA. JPMorgan Chase & Co. raised shares of NuVasive from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $55.00 to $74.00 in a research report on Wednesday, July 13th. Zacks Investment Research cut shares of NuVasive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 27th. Jefferies Group restated a “buy” rating on shares of NuVasive in a report on Wednesday, August 3rd. Morgan Stanley restated a “hold” rating and issued a $57.00 target price on shares of NuVasive in a report on Tuesday, June 7th. Finally, Brean Capital upped their target price on shares of NuVasive from $60.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, July 27th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $65.31.
The stock has a market capitalization of $3.35 billion, a P/E ratio of 69.29 and a beta of 0.86. The company has a 50 day moving average of $64.41 and a 200-day moving average of $56.77.
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NuVasive (NASDAQ:NUVA) last released its earnings results on Tuesday, July 26th. The medical device company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.04. NuVasive had a net margin of 5.28% and a return on equity of 10.57%. The firm earned $236.50 million during the quarter, compared to analyst estimates of $232.86 million. During the same quarter in the previous year, the firm earned $0.31 earnings per share. The firm’s revenue for the quarter was up 16.4% compared to the same quarter last year. On average, equities analysts expect that NuVasive Inc. will post $1.65 earnings per share for the current fiscal year.
In other NuVasive news, EVP Jason Hannon sold 2,625 shares of the business’s stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $64.80, for a total transaction of $170,100.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lesley H. Howe sold 3,602 shares of the business’s stock in a transaction on Tuesday, August 2nd. The shares were 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.
A number of hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA raised its stake in NuVasive by 11.9% in the second quarter. BNP Paribas Arbitrage SA now owns 45,084 shares of the medical device company’s stock valued at $2,692,000 after buying an additional 4,782 shares during the last quarter. State Street Corp raised its stake in NuVasive by 1.9% in the first quarter. State Street Corp now owns 1,079,736 shares of the medical device company’s stock valued at $52,522,000 after buying an additional 20,644 shares during the last quarter. Aperio Group LLC raised its stake in NuVasive by 11.1% in the first quarter. Aperio Group LLC now owns 7,541 shares of the medical device company’s stock valued at $367,000 after buying an additional 753 shares during the last quarter. Ramsey Quantitative Systems acquired a new stake in NuVasive during the first quarter valued at $570,000. Finally, Kennedy Capital Management Inc. increased its position in shares of NuVasive by 2.6% in the first quarter. Kennedy Capital Management Inc. now owns 34,610 shares of the medical device company’s stock valued at $1,684,000 after buying an additional 891 shares during the period.
NuVasive Company Profile
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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