Nuvectra (NASDAQ:NVTR) Shares Gap Down to $1.39

Nuvectra Corp (NASDAQ:NVTR) shares gapped down before the market opened on Thursday . The stock had previously closed at $2.43, but opened at $1.39. Nuvectra shares last traded at $0.22, with a volume of 12,910,300 shares.

Several analysts have recently issued reports on the company. ValuEngine downgraded Nuvectra from a “hold” rating to a “sell” rating in a research note on Thursday. Raymond James downgraded Nuvectra from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Zacks Investment Research downgraded Nuvectra from a “buy” rating to a “hold” rating in a research note on Wednesday, October 23rd. Piper Jaffray Companies decreased their price target on Nuvectra from $18.00 to $4.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Finally, JMP Securities decreased their price target on Nuvectra to $10.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $8.75.

The company has a current ratio of 4.86, a quick ratio of 4.42 and a debt-to-equity ratio of 0.58. The firm has a market cap of $23.52 million, a price-to-earnings ratio of -0.07 and a beta of 0.69. The firm has a 50-day moving average of $1.38 and a two-hundred day moving average of $2.74.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Morgan Stanley lifted its position in shares of Nuvectra by 961.3% during the 2nd quarter. Morgan Stanley now owns 641,932 shares of the company’s stock worth $2,151,000 after purchasing an additional 581,444 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Nuvectra during the 2nd quarter worth about $1,987,000. Royal Bank of Canada lifted its position in shares of Nuvectra by 71.5% during the 2nd quarter. Royal Bank of Canada now owns 491,286 shares of the company’s stock worth $1,646,000 after purchasing an additional 204,777 shares during the last quarter. Penn Capital Management Co. Inc. lifted its position in shares of Nuvectra by 14.0% during the 2nd quarter. Penn Capital Management Co. Inc. now owns 334,662 shares of the company’s stock worth $1,121,000 after purchasing an additional 41,054 shares during the last quarter. Finally, Raffles Associates LP lifted its position in shares of Nuvectra by 43.7% during the 2nd quarter. Raffles Associates LP now owns 328,675 shares of the company’s stock worth $1,101,000 after purchasing an additional 100,000 shares during the last quarter. 74.96% of the stock is owned by institutional investors and hedge funds.

About Nuvectra (NASDAQ:NVTR)

Nuvectra Corporation, a neurostimulation medical device company, develops and commercializes neurostimulation technology platform for the treatment of various disorders in neuroscience and clinical markets. The company offers Algovita, a spinal cord stimulation system for the treatment of chronic intractable pain of the trunk and limbs.

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