NuVasive (NASDAQ:NUVA) rating reiterated by Needham & Company LLC
NuVasive (NASDAQ: NUVA – Get a rating)The stock had its “buy” rating reissued by investment analysts Needham & Company LLC in a research note released Thursday, TipRanks reports. They currently have a price target of $64.00 on shares of the medical device company. Needham & Company LLC’s price target indicates upside potential of 23.60% from the stock’s previous close.
Several other equity analysts also weighed in on NUVA. Royal Bank of Canada began covering NuVasive shares in a report on Thursday, December 9. They set an “outperform” rating and a target price of $60.00 on the stock. Zacks Investment Research upgraded NuVasive shares from a “sell” to a “hold” rating and set a price target of $57.00 on the stock in a Tuesday, March 1, report. Truist Financial lowered its price target on NuVasive shares from $75.00 to $60.00 and set a “buy” rating for the company in a Tuesday, Dec. 21 research report. Finally, Morgan Stanley lowered its price target on NuVasive shares from $62.00 to $60.00 and set an “equal weight” rating for the company in a Friday, Jan. 7 research report. One investment analyst gave the stock a sell rating, six gave the company a hold rating and seven gave the company a buy rating. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $65.67.
NASDAQ: NUVA traded at $0.86 in Thursday’s midday session, hitting $51.78. The stock recorded trading volume of 5,569 shares, compared to an average trading volume of 621,012 shares. The company has a 50-day simple moving average of $52.72 and a 200-day simple moving average of $54.66. NuVasive has a 12-month low of $45.45 and a 12-month high of $72.61. The company has a debt ratio of 1.11, a quick ratio of 2.42 and a current ratio of 3.99. The company has a market capitalization of $2.68 billion, a price-earnings ratio of -41.34, a PEG ratio of 1.59 and a beta of 1.14.
NuVasive (NASDAQ: NUVA – Get a rating) last released its quarterly earnings data on Wednesday, February 23. The medical device company reported earnings per share of $0.40 for the quarter, missing the Zacks consensus estimate of $0.47 per ($0.07). NuVasive had a positive return on equity of 10.65% and a negative net margin of 5.63%. The company posted revenue of $302.08 million for the quarter, versus $298.92 million expected by analysts. In the same period last year, the company earned $0.59 per share. The company’s revenue for the quarter increased 3.5% year over year. As a group, sell-side analysts expect NuVasive to post earnings per share of 2.17 for the current year.
A number of hedge funds and other institutional investors have recently bought and sold shares of NUVA. Exchange Traded Concepts LLC increased its position in NuVasive shares by 49.3% in the fourth quarter. Exchange Traded Concepts LLC now owns 636 shares of the medical device company valued at $33,000 after acquiring an additional 210 shares last quarter. Mutual of America Capital Management LLC increased its position in NuVasive shares by 0.5% in the third quarter. Mutual of America Capital Management LLC now owns 45,554 shares of the medical device company valued at $2,726,000 after acquiring 212 additional shares last quarter. Profund Advisors LLC increased its stake in NuVasive by 5.3% in Q4. Profund Advisors LLC now owns 4,723 shares of the medical device company valued at $248,000 after purchasing an additional 236 shares during the period. MetLife Investment Management LLC increased its stake in NuVasive by 0.6% in Q4. MetLife Investment Management LLC now owns 43,554 shares of the medical device company valued at $2,286,000 after purchasing an additional 251 shares during the period. Finally, Tower View Investment Management & Research LLC increased its stake in NuVasive by 0.9% in the 4th quarter. Tower View Investment Management & Research LLC now owns 40,679 shares of the medical device company valued at $2,135,000 after purchasing an additional 379 shares during the period. Hedge funds and other institutional investors hold 98.06% of the company’s shares.
About NuVasive (Get a rating)
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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