NuVasive, Inc. (NASDAQ:NUVA) – Analysts at Gabelli dropped their FY2021 earnings per share estimates for NuVasive in a research note issued to investors on Thursday. Gabelli analyst J. Tsai now anticipates that the medical device company will post earnings of $3.30 per share for the year, down from their previous estimate of $4.00. Gabelli has a “Buy” rating on the stock.
Several other research analysts also recently commented on the company. Needham & Company LLC downgraded NuVasive from a “hold” rating to an “underperform” rating in a research note on Monday, August 28th. BTIG Research initiated coverage on NuVasive in a research note on Thursday, September 7th. They issued a “buy” rating and a $82.00 price objective on the stock. Cowen and Company reaffirmed an “outperform” rating and issued a $83.00 price objective on shares of NuVasive in a research note on Monday, September 18th. BidaskClub raised NuVasive from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $79.00 price objective on shares of NuVasive in a research note on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $72.67.
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NuVasive (NASDAQ:NUVA) traded down 0.60% on Monday, reaching $56.73. The company’s stock had a trading volume of 926,611 shares. NuVasive has a one year low of $49.25 and a one year high of $81.68. The stock has a 50-day moving average of $55.46 and a 200-day moving average of $67.92. The stock has a market cap of $2.88 billion, a P/E ratio of 89.34 and a beta of 1.04.
NuVasive (NASDAQ:NUVA) last posted its earnings results on Tuesday, October 24th. The medical device company reported $0.52 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.04. The business had revenue of $247.40 million during the quarter, compared to analyst estimates of $255.70 million. NuVasive had a return on equity of 13.65% and a net margin of 6.36%. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.40 EPS.
NuVasive announced that its board has initiated a stock 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 purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, CEO Gregory T. Lucier purchased 2,000 shares of the business’s stock in a transaction on Tuesday, August 29th. The stock was acquired at an average price of $61.52 per share, for a total transaction of $123,040.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Gregory T. Lucier purchased 5,000 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were purchased at an average price of $66.22 per share, with a total value of $331,100.00. The disclosure for this purchase can be found here. Company insiders own 1.20% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FNY Partners Fund LP purchased a new position in NuVasive during the 1st quarter valued at approximately $112,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of NuVasive by 9.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,901 shares of the medical device company’s stock valued at $146,000 after purchasing an additional 158 shares during the last quarter. Howard Hughes Medical Institute lifted its stake in shares of NuVasive by 82.8% in the 2nd quarter. Howard Hughes Medical Institute now owns 2,066 shares of the medical device company’s stock valued at $159,000 after purchasing an additional 936 shares during the last quarter. Honkamp Krueger Financial Services Inc. bought a new stake in shares of NuVasive in the 2nd quarter valued at approximately $201,000. Finally, Shelton Capital Management bought a new stake in shares of NuVasive in the 2nd quarter valued at approximately $221,000.
NuVasive Company Profile
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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