NuVasive, Inc. (NASDAQ:NUVA) shares traded down 9.1% during mid-day trading on Friday . The company traded as low as $59.96 and last traded at $62.05. 2,212,444 shares were traded during trading, an increase of 204% from the average session volume of 726,927 shares. The stock had previously closed at $68.25.
A number of research analysts recently issued reports on the company. BidaskClub downgraded NuVasive from a “buy” rating to a “hold” rating in a research note on Thursday, June 28th. Bank of America downgraded NuVasive from a “neutral” rating to an “underperform” rating in a research note on Wednesday, June 27th. Needham & Company LLC restated a “buy” rating and set a $80.00 price target (up previously from $67.00) on shares of NuVasive in a research note on Wednesday. Cantor Fitzgerald restated a “hold” rating and set a $58.00 price target on shares of NuVasive in a research note on Friday. Finally, JPMorgan Chase & Co. downgraded NuVasive from an “overweight” rating to a “neutral” rating and set a $74.00 price target on the stock. in a research note on Thursday, June 21st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $68.56.
The company has a market cap of $3.55 billion, a price-to-earnings ratio of 32.42, a P/E/G ratio of 1.89 and a beta of 0.69.
NuVasive (NASDAQ:NUVA) last announced its earnings results on Tuesday, July 31st. The medical device company reported $0.58 earnings per share for the quarter, meeting the consensus estimate of $0.58. NuVasive had a return on equity of 13.70% and a net margin of 3.96%. The company had revenue of $281.56 million for the quarter, compared to the consensus estimate of $276.05 million. On average, equities research analysts expect that NuVasive, Inc. will post 2.39 earnings per share for the current fiscal year.
Several hedge funds have recently made changes to their positions in NUVA. Anchor Capital Advisors LLC lifted its holdings in shares of NuVasive by 1,205.1% in the 2nd quarter. Anchor Capital Advisors LLC now owns 983,977 shares of the medical device company’s stock valued at $51,285,000 after buying an additional 908,582 shares during the period. Hood River Capital Management LLC lifted its holdings in shares of NuVasive by 261.3% in the 2nd quarter. Hood River Capital Management LLC now owns 866,653 shares of the medical device company’s stock valued at $45,170,000 after buying an additional 626,770 shares during the period. Glenmede Trust Co. NA acquired a new stake in shares of NuVasive in the 2nd quarter valued at approximately $12,955,000. Dimensional Fund Advisors LP lifted its holdings in shares of NuVasive by 23.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,181,636 shares of the medical device company’s stock valued at $61,693,000 after buying an additional 221,153 shares during the period. Finally, Eagle Asset Management Inc. lifted its holdings in shares of NuVasive by 12.8% in the 2nd quarter. Eagle Asset Management Inc. now owns 1,267,961 shares of the medical device company’s stock valued at $66,086,000 after buying an additional 143,926 shares during the period.
NuVasive Company Profile (NASDAQ:NUVA)
NuVasive, Inc, a medical device company, develops and markets minimally-disruptive surgical products and procedurally-integrated solutions for spine surgery. Its products focus on applications for spine fusion surgery, including ancillary products and services used to aid in the surgical procedure. The company's principal product is Maximum Access Surgery, a minimally-disruptive surgical platform, which includes its software-driven nerve detection and avoidance systems, and intraoperative monitoring (IOM) services and support; MaXcess, an integrated split-blade retractor system; and various specialized implants and biologics.
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