Morgan Stanley lowers NuVasive (NASDAQ:NUVA) price target to $54.00


NuVasive (NASDAQ: NUVAGet a rating) saw its price target lowered by Morgan Stanley equity researchers from $62.00 to $54.00 in a report on Friday, Target Stock Advisor reports. The brokerage currently has an “equal weight” rating on shares of the medical device company. Morgan Stanley’s price target indicates a potential upside of 8.52% from the current stock price.

Several other stock analysts have also released reports on the stock. Needham & Company LLC reiterated a “buy” rating and set a target price of $64.00 on NuVasive shares in a Thursday, March 24 report. StockNews.com began covering NuVasive shares in a report on Thursday, March 31. They issued a “holding” rating for the company. Truist Financial began covering NuVasive shares in a report on Wednesday, April 13. They issued a “buy” rating and a price target of $65.00 for the company. Finally, Wells Fargo & Company began covering NuVasive shares in a Monday, March 28, report. They issued an “overweight” rating and a price target of $58.00 for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned the company’s stock a buy rating. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $62.80.

NuVasive Trading up 2.9%

Action NuVasive opened at $49.76 on Friday. The stock has a market capitalization of $2.59 billion, a P/E ratio of -66.35, a PEG ratio of 1.86 and a beta of 1.14. NuVasive has a fifty-two week low of $45.45 and a fifty-two week high of $66.17. The company’s fifty-day moving average price is $51.67 and its 200-day moving average price is $53.11. The company has a debt ratio of 1.09, a quick ratio of 1.88 and a current ratio of 3.18.

NuVasive (NASDAQ: NUVAGet a rating) last reported quarterly earnings data on Wednesday, May 4. The medical device company reported earnings per share (EPS) of $0.54 for the quarter, beating analyst consensus estimates of $0.38 by $0.16. The company posted revenue of $290.80 million for the quarter, compared to $277.63 million expected by analysts. NuVasive had a positive return on equity of 11.85% and a negative net margin of 3.23%. The company’s revenue for the quarter increased by 7.2% compared to the same quarter last year. In the same period last year, the company earned $0.37 per share. Equity research analysts expect NuVasive to post earnings per share of 2.31 for the current fiscal year.

Institutional entries and exits

Hedge funds have recently been buying and selling shares of the company. Polar Asset Management Partners Inc. purchased a new equity stake in NuVasive during Q1 valued at approximately $27,627,000. Nuance Investments LLC bought a new position in NuVasive in Q1 worth approximately $22,099,000. Woodline Partners LP bought a new position in NuVasive in Q4 worth approximately $14,490,000. Thrivent Financial for Lutherans increased its stake in NuVasive by 11.4% in Q4. Thrivent Financial for Lutherans now owns 2,147,399 shares of the medical device company worth $112,696,000 after acquiring an additional 219,982 shares last quarter. Finally, Nekton Capital Ltd. bought a new position in NuVasive in Q4 worth approximately $11,465,000.

About NuVasive

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NuVasive, Inc., a medical technology company, develops, manufactures and sells procedural solutions for spine surgery. It provides surgical access instruments, including the Maxcess integrated split-blade retractor system that enables less invasive surgical techniques by minimizing soft tissue disruption during spine surgery; specialized spinal implants to advance spinal fusion by improving osseointegration and the biomechanical properties of implant materials, including porous titanium and porous polyetheretherketone; and a fixation system that facilitates the preservation and restoration of patient alignment.

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