Russell Powers, executive vice president of NuVasive, sold 9,526 shares of the company's stock this past Friday, according to an InterCooler report.
Here are five things to know about the transaction:
1. The shares were sold at an average price of $35.00. Mr. Powers received $333,410 for the entire transaction. On Monday, the company released its next generation monitoring platform with computer-assisted surgery applications to enhance speed and efficiency — the NVM5 V2.0.
2. Mr. Powers now directly owns 43,281 shares in the company. His stock is valued at $1.5 million overall after the sale. NuVasive is the fourth-largest player in the $8.7 billion global spine market and aims to become a $1 billion start up. The company reported net income at $851,000 for the first quarter of 2014 and a gross profit of $134.2 million. However, the company also reported a net loss of $18.3 million.
3. NuVasive was downgraded by Needham & Company analysts in May from "buy" to "hold." The target price on the stock is $40 now, according to the report. On April 30, analysts at Canaccord Genuity cut price targets for NuVasive from $51 to $48, but they now have a "buy" rating. Summer Street also upgraded NuVasive to "buy" on April 30 with a current $42 price target.
4. The consensus rating on the stock is a "hold" and consensus target price is $39.26, according to the report. There are seven analysts who assigned "hold" rating and six who assigned "buy" ratings. NuVasive traded down 1.23 percent mid-day on June 25, hitting $34.86.
Last month, NuVasive celebrated 10 years as a publicly traded company by ringing the NASDAQ bell. The company currently has more than 90 products spanning lumbar, thoracic and cervical applications, neuromonitoring services and a biologics portfolio, though it's most known for the eXtreme Lateral Interbody Fusion.
5. NuVasive's one-year low is $22.44 and one-year high is $39.89. The 50-day moving average on the company's stock is $33.70 and market cap is $1.6 billion. The company reports revenue per employee at $517,795. In 2013, the company purchased Ohio-based contract manufacturing partners, ANC, with the hopes of boosting its workforce by 25 percent this year.
Next month, the company's Executive Vice President of Finance Quentin Blackford will replace Michael Lambert as CFO. Mr. Lambert intends to retire July 31 for personal and family reasons but plans to stay actively employed with NuVasive through March 31, 2015 to assist with the transition.
More Articles on Spine Devices:
The Volatile Spine Device Market: Mergers, IPOs & International Growth
NuVasive's Growth: 5 Key Qualities of the Newly-Released Monitoring Platform
Integra LifeScience Turns 25: 5 Things to Know