NuVasive Inc. (NUVA) Hits New 1-Year High at $62.95
Shares of NuVasive Inc. (NASDAQ:NUVA) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $62.95 and last traded at $62.45, with a volume of 273,682 shares. The stock had previously closed at $61.26.
A number of analysts have recently issued reports on NUVA shares. Piper Jaffray Cos. reiterated an “overweight” rating and set a $58.00 target price on shares of NuVasive in a report on Friday, June 3rd. Cowen and Company reiterated a “buy” rating and set a $63.00 target price (up previously from $52.00) on shares of NuVasive in a report on Wednesday, April 27th. Brean Capital reiterated a “buy” rating and set a $60.00 target price (up previously from $58.00) on shares of NuVasive in a report on Tuesday, June 7th. Leerink Swann reiterated a “buy” rating on shares of NuVasive in a report on Wednesday, April 27th. Finally, TheStreet cut NuVasive from a “buy” rating to a “hold” rating in a report on Wednesday, April 27th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $61.85.
The firm’s 50 day moving average is $59.32 and its 200 day moving average is $50.95. The firm has a market capitalization of $3.09 billion and a PE ratio of 125.58.
NuVasive (NASDAQ:NUVA) last posted its earnings results on Tuesday, April 26th. The medical device company reported $0.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.04. The business had revenue of $215.10 million for the quarter, compared to the consensus estimate of $205.54 million. The business’s revenue was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.30 earnings per share. Analysts forecast that NuVasive Inc. will post $1.51 earnings per share for the current year.
In other NuVasive news, EVP Jason Hannon sold 14,534 shares of NuVasive stock in a transaction dated Thursday, June 16th. The stock was sold at an average price of $57.57, for a total transaction of $836,722.38. Following the transaction, the executive vice president now directly owns 37,616 shares in the company, valued at $2,165,553.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Other hedge funds and institutional investors have bought and sold shares of the company. Russell Frank Co raised its position in NuVasive by 300.6% in the fourth quarter. Russell Frank Co now owns 27,586 shares of the medical device company’s stock valued at $1,512,000 after buying an additional 20,700 shares in the last quarter. Swiss National Bank raised its position in NuVasive by 1.0% in the fourth quarter. Swiss National Bank now owns 63,500 shares of the medical device company’s stock valued at $3,436,000 after buying an additional 600 shares in the last quarter. First Trust Advisors LP raised its position in NuVasive by 71.0% in the fourth quarter. First Trust Advisors LP now owns 48,197 shares of the medical device company’s stock valued at $2,608,000 after buying an additional 20,019 shares in the last quarter. Rhumbline Advisers raised its stake in shares of NuVasive by 9.3% in the fourth quarter. Rhumbline Advisers now owns 63,098 shares of the medical device company’s stock worth $3,414,000 after buying an additional 5,350 shares during the period. Finally, California Public Employees Retirement System raised its stake in shares of NuVasive by 1.9% in the fourth quarter. California Public Employees Retirement System now owns 132,000 shares of the medical device company’s stock worth $7,143,000 after buying an additional 2,400 shares during the period.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.