Invuity (IVTY) Cut to Hold at Zacks Investment Research

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

According to Zacks, “Invuity, Inc. is a medical technology company. Its products include Eikon Illuminated Retractor System, Saber Yankauer, Saber Frazier, Eika Illuminated Retractor System, Breiten Illuminated Retractor System, Eipex Illuminated Retractor System, Eivector Illuminated Retractor System and Waveguide XT System. The Company sells its devices through its direct sales representatives and original equipment manufacturers of surgical systems. Invuity, Inc. is based in San Francisco, California. “

A number of other research analysts have also recently weighed in on IVTY. Northland Securities reiterated a “buy” rating and set a $6.00 price objective on shares of Invuity in a research report on Wednesday, February 14th. ValuEngine cut shares of Invuity from a “sell” rating to a “strong sell” rating in a research report on Monday, April 2nd. Finally, Stifel Nicolaus cut their price objective on shares of Invuity from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Friday, May 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. Invuity has an average rating of “Buy” and a consensus price target of $6.63.

Shares of IVTY opened at $2.82 on Friday. Invuity has a fifty-two week low of $2.82 and a fifty-two week high of $2.90. The firm has a market capitalization of $75.73 million, a P/E ratio of -1.28 and a beta of -0.05. The company has a current ratio of 3.38, a quick ratio of 2.04 and a debt-to-equity ratio of 2.76.

Invuity (NASDAQ:IVTY) last announced its quarterly earnings results on Thursday, May 3rd. The medical instruments supplier reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.10). Invuity had a negative return on equity of 543.34% and a negative net margin of 94.51%. The business had revenue of $9.51 million during the quarter, compared to the consensus estimate of $9.58 million. analysts anticipate that Invuity will post -1.64 EPS for the current year.

In other news, VP Andrew Sale acquired 8,848 shares of the business’s stock in a transaction on Friday, March 16th. The shares were acquired at an average price of $3.90 per share, for a total transaction of $34,507.20. Following the completion of the transaction, the vice president now directly owns 28,793 shares of the company’s stock, valued at approximately $112,292.70. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Gregory T. Lucier bought 64,158 shares of the stock in a transaction dated Friday, March 16th. The shares were bought at an average cost of $3.90 per share, with a total value of $250,216.20. Following the completion of the purchase, the director now directly owns 117,204 shares of the company’s stock, valued at approximately $457,095.60. The disclosure for this purchase can be found here. Insiders have acquired 100,815 shares of company stock worth $393,179 in the last quarter. Company insiders own 10.50% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of IVTY. BlueCrest Capital Management Ltd purchased a new stake in shares of Invuity during the fourth quarter valued at $139,000. JPMorgan Chase & Co. boosted its stake in shares of Invuity by 5,196.9% during the first quarter. JPMorgan Chase & Co. now owns 47,672 shares of the medical instruments supplier’s stock valued at $184,000 after purchasing an additional 46,772 shares during the period. Eversept Partners LLC purchased a new stake in shares of Invuity during the fourth quarter valued at $279,000. Kornitzer Capital Management Inc. KS purchased a new stake in shares of Invuity during the first quarter valued at $289,000. Finally, Wells Fargo & Company MN boosted its stake in shares of Invuity by 25.3% during the first quarter. Wells Fargo & Company MN now owns 80,451 shares of the medical instruments supplier’s stock valued at $310,000 after purchasing an additional 16,253 shares during the period. 46.92% of the stock is owned by hedge funds and other institutional investors.

About Invuity

Invuity, Inc, a medical technology company, develops and markets surgical devices in the United States and Asia. The company through its intelligent photonics technology platform develops single-use and reusable illuminated surgical devices, which provide surgeons with illumination and direct visualization of surgical cavities.

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