NuVasive (NUVA) Rating Lowered to Hold at Zacks Investment Research

NuVasive (NASDAQ:NUVA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

According to Zacks, “NuVasive's recent quarterly performances were promising significantly driven by solid international growth. The last-reported third quarter marked the fourth consecutive one registering more than 20% growth in international business. However, overall sales in the quarter were impacted by procedural volume-related challenges in the United States and the adverse impact of hurricanes Harvey and Irma on NuVasive’s U.S. results and Maria on the international front. With chances of fourth-quarter revenues being affected by Maria in Puerto Rico and with the anticipated lower U.S. procedural volumes to continue, NuVasive is pressed to reduce its full-year guidance, which is disappointing. Also, the contraction in gross margin is a matter of concern. Overall, for the past six months, NuVasive has been trading below the broader industry.”

Other equities analysts have also issued research reports about the company. BidaskClub lowered NuVasive from a “sell” rating to a “strong sell” rating in a research note on Thursday, January 11th. BTIG Research set a $74.00 price objective on NuVasive and gave the stock a “buy” rating in a research note on Wednesday, December 13th. Leerink Swann lowered NuVasive from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 1st. Canaccord Genuity reissued a “buy” rating and issued a $70.00 price objective (down previously from $75.00) on shares of NuVasive in a research note on Wednesday, October 25th. Finally, Wells Fargo & Co lowered NuVasive from an “outperform” rating to a “market perform” rating and set a $65.00 price objective on the stock. in a research note on Wednesday, January 17th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $71.19.

NuVasive (NUVA) traded up $0.21 during trading on Tuesday, reaching $48.21. The company’s stock had a trading volume of 705,500 shares, compared to its average volume of 1,126,529. The company has a current ratio of 2.85, a quick ratio of 1.51 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $2,457.17, a price-to-earnings ratio of 40.51, a P/E/G ratio of 1.36 and a beta of 0.50. NuVasive has a one year low of $44.62 and a one year high of $81.68.

NuVasive announced that its board has approved a share repurchase plan on Tuesday, October 24th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the medical device company to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Westside Investment Management Inc. increased its holdings in NuVasive by 76.0% in the fourth quarter. Westside Investment Management Inc. now owns 2,640 shares of the medical device company’s stock valued at $147,000 after purchasing an additional 1,140 shares during the last quarter. Aperio Group LLC boosted its stake in shares of NuVasive by 12.3% during the 4th quarter. Aperio Group LLC now owns 11,538 shares of the medical device company’s stock worth $675,000 after acquiring an additional 1,265 shares during the last quarter. Meadow Creek Investment Management LLC boosted its stake in shares of NuVasive by 22.0% during the 4th quarter. Meadow Creek Investment Management LLC now owns 7,344 shares of the medical device company’s stock worth $429,000 after acquiring an additional 1,326 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of NuVasive by 6.8% during the 3rd quarter. Advisors Asset Management Inc. now owns 22,927 shares of the medical device company’s stock worth $1,272,000 after acquiring an additional 1,452 shares during the last quarter. Finally, ING Groep NV boosted its stake in shares of NuVasive by 23.6% during the 4th quarter. ING Groep NV now owns 7,691 shares of the medical device company’s stock worth $450,000 after acquiring an additional 1,469 shares during the last quarter.

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About NuVasive

Nuvasive, Inc is a medical device company. The Company focuses on developing minimally-disruptive surgical products and procedurally-integrated solutions for the spine surgery. Its product portfolio focuses on applications for spine fusion surgery, including biologics used to aid in the spinal fusion process.

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