NuVasive Inc. (NUVA) Hits New 52-Week High at $63.73
NuVasive Inc. (NASDAQ:NUVA)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $63.73 and last traded at $63.64, with a volume of 129,526 shares trading hands. The stock had previously closed at $62.91.
A number of equities analysts have recently commented on the stock. Morgan Stanley reissued a “hold” rating on shares of NuVasive in a research note on Wednesday, April 27th. Canaccord Genuity reaffirmed a “buy” rating on shares of NuVasive in a report on Wednesday, April 27th. Needham & Company LLC reaffirmed a “hold” rating on shares of NuVasive in a report on Wednesday, April 27th. JPMorgan Chase & Co. raised shares of NuVasive from a “neutral” rating to an “overweight” rating and raised their price target for the company from $55.00 to $74.00 in a report on Wednesday, July 13th. Finally, Zacks Investment Research lowered shares of NuVasive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 27th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $64.38.
The firm has a market cap of $3.20 billion and a P/E ratio of 66.19. The stock has a 50-day moving average price of $61.28 and a 200-day moving average price of $52.34.
NuVasive (NASDAQ:NUVA) last posted its earnings results on Tuesday, July 26th. The medical device company reported $0.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.04. The business earned $236.50 million during the quarter, compared to analyst estimates of $232.86 million. During the same quarter last year, the firm earned $0.31 earnings per share. NuVasive’s revenue was up 16.4% compared to the same quarter last year. Analysts anticipate that NuVasive Inc. will post $1.65 earnings per share for the current year.
In other news, Director Lesley H. Howe sold 3,602 shares of the business’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $62.44, for a total value of $224,908.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jason Hannon sold 2,920 shares of the business’s stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $62.80, for a total transaction of $183,376.00. The disclosure for this sale can be found here.
Other institutional investors recently made changes to their positions in the company. RS Investment Management Co. LLC raised its position in shares of NuVasive by 403.7% in the fourth quarter. RS Investment Management Co. LLC now owns 753,190 shares of the medical device company’s stock worth $40,755,000 after buying an additional 603,650 shares during the period. Nicholas Co. Inc. WI raised its position in shares of NuVasive by 45.0% in the fourth quarter. Nicholas Co. Inc. WI now owns 61,960 shares of the medical device company’s stock worth $3,352,000 after buying an additional 19,240 shares during the period. State of Tennessee Treasury Department bought a new position in shares of NuVasive during the fourth quarter worth about $2,067,000. Dimensional Fund Advisors LP raised its position in shares of NuVasive by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,030,568 shares of the medical device company’s stock worth $55,765,000 after buying an additional 32,254 shares during the period. Finally, Jennison Associates LLC raised its position in shares of NuVasive by 41.5% in the fourth quarter. Jennison Associates LLC now owns 412,893 shares of the medical device company’s stock worth $22,342,000 after buying an additional 121,061 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.
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