Emerald Acquisition Ltd. Invests $3,527,000 in NuVasive Inc. (NUVA)
Emerald Acquisition Ltd. acquired a new position in NuVasive Inc. (NASDAQ:NUVA) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 59,058 shares of the medical device company’s stock, valued at approximately $3,527,000. Emerald Acquisition Ltd. owned approximately 0.12% of NuVasive as of its most recent filing with the SEC.
A number of other large investors have also recently modified their holdings of the company. Consonance Capital Management LP purchased a new stake in shares of NuVasive during the first quarter worth $48,893,000. Norges Bank bought a new position in shares of NuVasive during the fourth quarter valued at approximately $39,420,000. Hood River Capital Management LLC bought a new position in shares of NuVasive during the second quarter valued at approximately $25,307,000. Columbus Circle Investors increased its position in shares of NuVasive by 50.4% in the second quarter. Columbus Circle Investors now owns 1,020,650 shares of the medical device company’s stock valued at $60,953,000 after buying an additional 341,843 shares during the last quarter. Finally, Arrowgrass Capital Partners US LP bought a new position in shares of NuVasive during the first quarter valued at approximately $5,303,000.
Shares of NuVasive Inc. (NASDAQ:NUVA) traded up 1.58% during mid-day trading on Thursday, reaching $68.06. The company’s stock had a trading volume of 7,477,505 shares. The company has a market cap of $3.42 billion, a P/E ratio of 70.60 and a beta of 0.86. NuVasive Inc. has a 12 month low of $36.81 and a 12 month high of $69.00. The company has a 50-day moving average of $64.53 and a 200-day moving average of $56.85.
NuVasive (NASDAQ:NUVA) last posted its earnings results on Tuesday, July 26th. The medical device company reported $0.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.04. The company earned $236.50 million during the quarter, compared to analyst estimates of $232.86 million. NuVasive had a net margin of 5.28% and a return on equity of 10.57%. NuVasive’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.31 earnings per share. Equities research analysts forecast that NuVasive Inc. will post $1.65 earnings per share for the current fiscal year.
Several research analysts have commented on the company. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $70.00 target price on shares of NuVasive in a report on Thursday, September 1st. Jefferies Group reissued a “buy” rating on shares of NuVasive in a research note on Wednesday, August 3rd. Barclays PLC boosted their price objective on NuVasive from $63.00 to $71.00 and gave the company an “overweight” rating in a research note on Wednesday, July 27th. Brean Capital boosted their price objective on NuVasive from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, July 27th. Finally, Zacks Investment Research downgraded NuVasive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 27th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. NuVasive currently has a consensus rating of “Buy” and a consensus price target of $65.31.
In other NuVasive news, EVP Jason Hannon sold 2,625 shares of the firm’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $64.80, for a total value of $170,100.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lesley H. Howe sold 3,602 shares of the firm’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. Insiders own 4.70% of the company’s stock.
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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