NuVasive (NASDAQ:NUVA) Stock Price Up 4.8%

NuVasive, Inc. (NASDAQ:NUVA) shares rose 4.8% on Thursday . The stock traded as high as $56.97 and last traded at $56.93. Approximately 5,131 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 532,948 shares. The stock had previously closed at $54.33.

NUVA has been the subject of several research analyst reports. Credit Suisse Group decreased their price target on shares of NuVasive from $84.00 to $83.00 and set an “outperform” rating for the company in a research note on Wednesday, November 10th. Royal Bank of Canada initiated coverage on shares of NuVasive in a research note on Thursday, December 9th. They issued an “outperform” rating and a $60.00 price target for the company. Loop Capital initiated coverage on shares of NuVasive in a research note on Thursday, October 28th. They issued a “hold” rating for the company. decreased their price target on shares of NuVasive from $63.00 to $60.00 and set a “hold” rating for the company in a research note on Wednesday, November 10th. Finally, Morgan Stanley decreased their target price on shares of NuVasive from $62.00 to $60.00 and set an “equal weight” rating for the company in a research report on Friday, January 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $66.54.

The firm’s fifty day moving average is $52.79 and its two-hundred day moving average is $58.44. The company has a current ratio of 3.94, a quick ratio of 2.35 and a debt-to-equity ratio of 1.07.

NuVasive (NASDAQ:NUVA) last released its earnings results on Tuesday, November 9th. The medical device company reported $0.32 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.22). The company had revenue of $270.84 million during the quarter, compared to analysts’ expectations of $291.32 million. NuVasive had a negative net margin of 2.27% and a positive return on equity of 11.40%. During the same quarter in the previous year, the firm earned $0.54 earnings per share. As a group, analysts predict that NuVasive, Inc. will post 1.77 EPS for the current year.

NuVasive declared that its board has authorized a share buyback plan on Tuesday, November 9th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the medical device company to repurchase up to 3.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

A number of institutional investors have recently bought and sold shares of NUVA. William Blair Investment Management LLC increased its holdings in NuVasive by 47,609.7% during the 3rd quarter. William Blair Investment Management LLC now owns 527,192 shares of the medical device company’s stock worth $31,552,000 after acquiring an additional 526,087 shares during the period. Thrivent Financial for Lutherans increased its holdings in NuVasive by 35.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 1,927,417 shares of the medical device company’s stock worth $115,356,000 after acquiring an additional 505,367 shares during the period. Paradice Investment Management LLC increased its holdings in NuVasive by 47.7% during the 3rd quarter. Paradice Investment Management LLC now owns 1,375,421 shares of the medical device company’s stock worth $82,319,000 after acquiring an additional 444,499 shares during the period. Point72 Asset Management L.P. bought a new stake in NuVasive during the 2nd quarter worth approximately $13,799,000. Finally, Balyasny Asset Management LLC bought a new stake in NuVasive during the 3rd quarter worth approximately $10,453,000. 97.78% of the stock is currently owned by institutional investors and hedge funds.

About NuVasive (NASDAQ:NUVA)

NuVasive, Inc engages in the development, manufacture, sale, and provision of procedural solutions for spine surgery. It offers a comprehensive portfolio of procedurally integrated spine surgery solutions, including surgical access instruments, spinal implants, fixation systems, biologics, and enabling technologies, as well as systems and services for intraoperative neuromonitoring.

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