NuVasive company continues to make strategic moves toward its goal of reaching $1 billion in revenue. When the company hits that goal, they'll be in the number two position in the spine market.
At the end of July, the company reported a better-than-expected second quarter for 2014, reaching $190.7 million and is on par to report $745 million for full year revenue this year. The second quarter boasted a strong performance in the United States market. International market revenue was also up 45 percent. However, the company still reported a GAAP net loss of $4.1 million, estimating GAAP loss for the full year per share will be $0.38, up from the previous estimation of $0.27.
Shortly after the financial report was released — on August 1 — CFO Michael Lambert sold 4,010 shares of the company's stock at an average price of $37.11 per share. The total transaction was $148,811.10 and he now directly owns 13,631 shares valued at $505,846, according to a Mideast Times report.
The day before, when the company released its financial report, Jefferies Group analysts reiterated their "buy" rating with a $48 price target, up from $45 previously. Barclays also reiterated an "equal weight" rating, according to the Mideast Times report, and Goldman Sachs upgraded its "neutral" rating to "buy."
The company's stock price opened at $36.25 today. The market cap for the company on Aug. 7 was $1.6 billion with average volume at 381,799.
Mr. Lambert isn't the only one selling NuVasive shares. Executive Vice President Russell Powers sold 3,200 company shares in July, after selling 9,526 in June. The July transaction reported around $33.43 per share and the June transaction was reported at around $35 per share.