NuVasive (NUVA) Shares Gap Down on Analyst Downgrade

Shares of NuVasive, Inc. (NASDAQ:NUVA) gapped down prior to trading on Thursday after ValuEngine downgraded the stock from a buy rating to a hold rating. The stock had previously closed at $54.64, but opened at $56.17. NuVasive shares last traded at $57.24, with a volume of 32991 shares traded.

A number of other analysts have also weighed in on NUVA. Cantor Fitzgerald reaffirmed a “hold” rating and issued a $58.00 price target on shares of NuVasive in a research note on Tuesday, July 31st. BTIG Research started coverage on shares of NuVasive in a research note on Wednesday, August 1st. They issued a “buy” rating for the company. Needham & Company LLC reduced their price target on shares of NuVasive from $69.00 to $67.00 and set a “buy” rating for the company in a research note on Wednesday, August 1st. BidaskClub raised shares of NuVasive from a “hold” rating to a “buy” rating in a research note on Friday, August 3rd. Finally, TheStreet raised shares of NuVasive from a “c+” rating to a “b-” rating in a research note on Thursday, August 2nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $67.63.

A number of hedge funds have recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund lifted its stake in NuVasive by 4.7% during the second quarter. Oregon Public Employees Retirement Fund now owns 19,899 shares of the medical device company’s stock valued at $1,037,000 after purchasing an additional 889 shares during the last quarter. Arizona State Retirement System lifted its stake in NuVasive by 2.6% during the second quarter. Arizona State Retirement System now owns 35,589 shares of the medical device company’s stock valued at $1,855,000 after purchasing an additional 903 shares during the last quarter. Strs Ohio lifted its stake in NuVasive by 45.5% during the second quarter. Strs Ohio now owns 3,200 shares of the medical device company’s stock valued at $166,000 after purchasing an additional 1,000 shares during the last quarter. Amalgamated Bank lifted its stake in NuVasive by 14.9% during the second quarter. Amalgamated Bank now owns 8,384 shares of the medical device company’s stock valued at $437,000 after purchasing an additional 1,086 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in NuVasive by 2.3% during the second quarter. Legal & General Group Plc now owns 53,030 shares of the medical device company’s stock valued at $2,764,000 after purchasing an additional 1,202 shares during the last quarter.

The company has a market cap of $3.21 billion, a P/E ratio of 29.98, a P/E/G ratio of 1.71 and a beta of 0.69.

NuVasive (NASDAQ:NUVA) last released its earnings results on Tuesday, October 30th. The medical device company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.06). NuVasive had a net margin of 2.24% and a return on equity of 13.97%. The business had revenue of $271.30 million for the quarter, compared to analyst estimates of $265.70 million. During the same period in the prior year, the company earned $0.52 earnings per share. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. Equities analysts predict that NuVasive, Inc. will post 2.39 EPS for the current fiscal year.

About NuVasive (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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