NuVasive Inc. (NUVA) Sees Strong Trading Volume
Shares of NuVasive Inc. (NASDAQ:NUVA) saw unusually-strong trading volume on Wednesday . Approximately 504,994 shares were traded during trading, an increase of 39% from the previous session’s volume of 362,809 shares.The stock last traded at $65.60 and had previously closed at $65.47.
A number of research analysts have commented on NUVA shares. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $58.00 target price on shares of NuVasive in a report on Friday, June 3rd. Brean Capital reaffirmed 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 reaffirmed a “buy” rating and set a $65.00 target price on shares of NuVasive in a report on Tuesday, May 10th. Canaccord Genuity reaffirmed a “buy” rating on shares of NuVasive in a report on Monday, June 6th. Finally, Barclays PLC raised NuVasive from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $58.00 to $63.00 in a report on Friday, May 27th. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $64.38.
The company has a market cap of $3.29 billion and a price-to-earnings ratio of 67.91. The stock has a 50 day moving average of $62.72 and a 200 day moving average of $54.28.
NuVasive (NASDAQ:NUVA) last issued its earnings results on Tuesday, July 26th. The medical device company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.36 by $0.04. During the same quarter in the previous year, the firm posted $0.31 EPS. The business had revenue of $236.50 million for the quarter, compared to the consensus estimate of $232.86 million. The business’s revenue was up 16.4% on a year-over-year basis. On average, analysts forecast that NuVasive Inc. will post $1.65 earnings per share for the current year.
In other NuVasive news, EVP Jason Hannon sold 14,534 shares of the company’s stock in a transaction on Thursday, June 16th. The shares were sold at an average price of $57.57, for a total transaction of $836,722.38. Following the completion of the sale, the executive vice president now owns 37,616 shares in the company, valued at approximately $2,165,553.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lesley H. Howe sold 3,602 shares of the company’s stock in a transaction on Tuesday, August 2nd. The shares were 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.
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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