NeuroPace (NASDAQ:NPCE) Upgraded to Strong-Buy at Wells Fargo & Company

Wells Fargo & Company upgraded shares of NeuroPace (NASDAQ:NPCE) to a strong-buy rating in a report released on Wednesday morning,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. Wall Street Zen downgraded NeuroPace from a “buy” rating to a “hold” rating in a research report on Sunday. JPMorgan Chase & Co. boosted their target price on NeuroPace from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Wednesday, December 10th. Cantor Fitzgerald upgraded NeuroPace to a “strong-buy” rating in a report on Wednesday, March 4th. UBS Group restated a “buy” rating on shares of NeuroPace in a research report on Wednesday, January 14th. Finally, HC Wainwright boosted their price objective on shares of NeuroPace from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Tuesday, January 27th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $18.67.

NeuroPace Stock Performance

NeuroPace stock opened at $13.56 on Wednesday. The company’s 50-day moving average price is $15.27 and its 200-day moving average price is $13.63. The company has a quick ratio of 4.33, a current ratio of 5.28 and a debt-to-equity ratio of 3.09. The company has a market cap of $456.57 million, a PE ratio of -20.55 and a beta of 1.86. NeuroPace has a twelve month low of $7.56 and a twelve month high of $18.98.

NeuroPace (NASDAQ:NPCE) last announced its quarterly earnings results on Tuesday, March 3rd. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.06. The firm had revenue of $26.59 million during the quarter, compared to the consensus estimate of $24.79 million. NeuroPace had a negative net margin of 21.47% and a negative return on equity of 105.67%. On average, equities research analysts forecast that NeuroPace will post -1 EPS for the current fiscal year.

Institutional Investors Weigh In On NeuroPace

Several hedge funds and other institutional investors have recently modified their holdings of NPCE. Kotler Kevin bought a new stake in shares of NeuroPace during the 4th quarter worth approximately $9,750,000. Divisadero Street Capital Management LP boosted its holdings in NeuroPace by 529.2% during the 2nd quarter. Divisadero Street Capital Management LP now owns 242,120 shares of the company’s stock valued at $2,697,000 after acquiring an additional 203,640 shares during the period. Walleye Capital LLC grew its position in NeuroPace by 344.6% in the 4th quarter. Walleye Capital LLC now owns 228,847 shares of the company’s stock valued at $3,533,000 after acquiring an additional 177,375 shares during the last quarter. Geode Capital Management LLC grew its position in NeuroPace by 44.6% in the 2nd quarter. Geode Capital Management LLC now owns 485,162 shares of the company’s stock valued at $5,406,000 after acquiring an additional 149,595 shares during the last quarter. Finally, Armistice Capital LLC increased its stake in NeuroPace by 12.6% in the third quarter. Armistice Capital LLC now owns 1,298,000 shares of the company’s stock worth $13,382,000 after purchasing an additional 145,665 shares during the period. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

About NeuroPace

NeuroPace, Inc is a medical device company based in Mountain View, California, that develops innovative neuromodulation systems for the treatment of neurological disorders. Founded in the late 1990s out of research at Stanford University, the company’s mission centers on delivering closed-loop, “smart” therapies that monitor and respond to electrical activity in the brain. In 2020, NeuroPace completed its initial public offering and now trades on the NASDAQ under the ticker NPCE.

The company’s flagship product, the RNS® System, is an implantable device designed for adults with medically refractory focal epilepsy.