NuVasive’s (NUVA) “Sell” Rating Reiterated at Needham & Company LLC
NuVasive, Inc. (NASDAQ:NUVA)‘s stock had its “sell” rating reissued by Needham & Company LLC in a research note issued on Wednesday.
The analysts wrote, “NUVA’s 3Q17 revenue missed, although EPS beat consensus. More importantly, management lowered its 2017 guidance. Reported revenue growth slowed to 3% in 3Q17 from 5% in 2Q17 as the US spine market slowed and NUVA’s biologics continued its decline. Revenue growth was ~6% adjusting for the unexpected impact of the hurricanes (~$5M) and the expected impact of one less selling day (~$3M). NUVA’s operating margin beat consensus and increased 150 bps Y/Y. Management’s updated 2017 guidance implies flat Y/Y revenue in 4Q17. Even if we assume that guidance for no growth in 4Q17 is conservative, it makes NUVA’s mid- single digit revenue growth target for 2018 look challenging.””
A number of other equities research analysts also recently weighed in on the stock. Royal Bank Of Canada reaffirmed a “buy” rating and set a $75.00 price objective on shares of NuVasive in a research report on Tuesday, October 10th. Barclays PLC lowered their price objective on shares of NuVasive from $80.00 to $65.00 and set an “overweight” rating for the company in a research report on Thursday, October 19th. Morgan Stanley reaffirmed an “equal weight” rating and set a $88.00 price objective (up previously from $84.00) on shares of NuVasive in a research report on Tuesday, July 25th. BTIG Research reaffirmed a “buy” rating and set a $74.00 price objective (down previously from $82.00) on shares of NuVasive in a research report on Wednesday, October 4th. Finally, TheStreet downgraded shares of NuVasive from a “b-” rating to a “c+” rating in a research report on Friday, October 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $73.87.
NuVasive (NASDAQ:NUVA) opened at 54.59 on Wednesday. The firm has a 50-day moving average of $55.77 and a 200 day moving average of $68.32. NuVasive has a 1-year low of $49.25 and a 1-year high of $81.68. The firm has a market cap of $2.77 billion, a P/E ratio of 85.97 and a beta of 1.03.
NuVasive (NASDAQ:NUVA) last released its earnings results on Tuesday, October 24th. The medical device company reported $0.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.04. The company had revenue of $247.40 million during the quarter, compared to the consensus estimate of $255.70 million. NuVasive had a net margin of 3.50% and a return on equity of 13.04%. The company’s revenue was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.40 EPS. On average, analysts predict that NuVasive will post $1.99 EPS for the current year.
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In other news, CEO Gregory T. Lucier bought 5,000 shares of NuVasive stock in a transaction on Thursday, August 17th. The stock was purchased at an average cost of $66.22 per share, with a total value of $331,100.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Gregory T. Lucier bought 2,000 shares of NuVasive stock in a transaction on Tuesday, August 29th. The shares were purchased at an average cost of $61.52 per share, with a total value of $123,040.00. The disclosure for this purchase can be found here. Insiders have acquired a total of 14,850 shares of company stock valued at $955,598 over the last three months. 1.20% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of NUVA. FNY Partners Fund LP acquired a new stake in shares of NuVasive in the 1st quarter worth approximately $112,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of NuVasive by 9.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,901 shares of the medical device company’s stock worth $146,000 after acquiring an additional 158 shares during the period. Howard Hughes Medical Institute lifted its stake in shares of NuVasive by 82.8% in the 2nd quarter. Howard Hughes Medical Institute now owns 2,066 shares of the medical device company’s stock worth $159,000 after acquiring an additional 936 shares during the period. Honkamp Krueger Financial Services Inc. acquired a new stake in shares of NuVasive in the 2nd quarter worth approximately $201,000. Finally, Shelton Capital Management acquired a new stake in shares of NuVasive in the 2nd quarter worth approximately $221,000.
Nuvasive, Inc is a medical device company. The Company focuses on developing minimally-disruptive surgical products and procedurally-integrated solutions for the spine surgery. Its product portfolio focuses on applications for spine fusion surgery, including biologics used to aid in the spinal fusion process.
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