Skip to main content

Market Overview

Insiders Take Advantage Of NuVasive Pullback After Earnings

Share:
  • The post-earnings selloff at a medical device maker has brought out some insiders.
  • Two directors and an executive vice president have acquired almost 26,100 shares this past week.
  • Insider buying often can be seen as a good sign for investors.

Conventional wisdom says that insiders and 10 percent owners really only buy shares of a company for one reason -- they believe the stock price will rise and they want to profit from it. So insider buying can be an encouraging signal for potential investors, particularly during periods of uncertainty. Case in point: recent notable buys at NuVasive, Inc. (NASDAQ: NUVA).

The general counsel and two directors together have bought almost 26,100 shares of the medical device company this past week. The share prices for those purchase ranged from $57.41 to $59.68. That cost them almost $1.55 million altogether. The buys came in the wake of a third-quarter earnings report that included a miss on the top line and soft guidance.

NuVasive has a market capitalization of nearly $3 billion, but offers no dividend. Short interest is more than 8 percent of the float, though the consensus recommendation of analysts is to buy shares. The stock has retreated more than 10 percent since the earnings report, and more than 12 percent from a 52-week high of $69.50 reached last month, to the $58.90 area where it was trading on Thursday.

Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter.

 

Related Articles (NUVA)

View Comments and Join the Discussion!

Posted-In: NuVasiveNews Insider Trades Trading Ideas

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com