NuVasive, Inc. (NUVA) Short Interest Up 0.3% in March

NuVasive, Inc. (NASDAQ:NUVA) saw a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 3,988,691 shares, an increase of 0.3% from the March 15th total of 3,977,223 shares. Based on an average trading volume of 483,683 shares, the days-to-cover ratio is currently 8.2 days.

Several research analysts have weighed in on the company. Jefferies Group LLC restated a “buy” rating and issued a $84.00 price target (up from $79.00) on shares of NuVasive in a research note on Thursday, February 16th. Barclays PLC restated an “overweight” rating and issued a $80.00 price target (up from $76.00) on shares of NuVasive in a research note on Thursday, February 16th. Canaccord Genuity restated a “buy” rating and issued a $82.00 price target on shares of NuVasive in a research note on Tuesday, February 21st. Needham & Company LLC restated a “hold” rating on shares of NuVasive in a research note on Friday, February 10th. Finally, BMO Capital Markets restated a “buy” rating and issued a $82.00 price target on shares of NuVasive in a research note on Tuesday, April 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $72.42.

Shares of NuVasive (NASDAQ:NUVA) traded down 0.90% during mid-day trading on Friday, hitting $75.02. The stock had a trading volume of 715,295 shares. The stock has a market cap of $3.80 billion, a P/E ratio of 108.72 and a beta of 0.86. NuVasive has a one year low of $49.87 and a one year high of $76.31. The firm has a 50 day moving average of $74.23 and a 200-day moving average of $68.92.

NuVasive (NASDAQ:NUVA) last posted its earnings results on Thursday, February 9th. The medical device company reported $0.53 EPS for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.02. NuVasive had a return on equity of 12.26% and a net margin of 3.29%. The company had revenue of $271.10 million for the quarter, compared to the consensus estimate of $261.25 million. During the same quarter in the previous year, the business earned $0.35 earnings per share. The company’s revenue for the quarter was up 25.9% on a year-over-year basis. Equities research analysts expect that NuVasive will post $2.02 earnings per share for the current fiscal year.

In other NuVasive news, insider Jason Hannon sold 24,840 shares of the company’s stock in a transaction that occurred on Wednesday, March 8th. The stock was sold at an average price of $74.22, for a total value of $1,843,624.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lesley H. Howe sold 6,049 shares of the company’s stock in a transaction that occurred on Tuesday, February 14th. The stock was sold at an average price of $73.26, for a total value of $443,149.74. The disclosure for this sale can be found here. Insiders own 4.70% of the company’s stock.

A number of large investors have recently bought and sold shares of NUVA. Norges Bank acquired a new stake in NuVasive during the fourth quarter worth approximately $47,466,000. Viking Global Investors LP acquired a new stake in NuVasive during the fourth quarter worth approximately $46,863,000. Capital Research Global Investors increased its stake in NuVasive by 15.3% in the third quarter. Capital Research Global Investors now owns 5,153,900 shares of the medical device company’s stock worth $343,559,000 after buying an additional 682,753 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in NuVasive by 21.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,526,890 shares of the medical device company’s stock worth $101,782,000 after buying an additional 273,112 shares in the last quarter. Finally, Hodges Capital Management Inc. acquired a new stake in NuVasive during the fourth quarter worth approximately $12,558,000.

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About NuVasive

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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