ARK Investment Management LLC recently announced the acquisition of new stake in Invitae Corporation (NYSE:NVTA). The institutional investor has increased its shareholding in the Healthcare company by 2.97% to 32.26 million shares with purchase of 0.93 million shares. This fresh investment now brings its stake to 12.08% valued currently at $29.81 million. In addition, BlackRock Fund Advisors raised its holdings by 0.99 million to 19.84 million shares. And Geode Capital Management LLC has lifted its position by 7.82% or 0.35 million shares – to 4.81 million shares.
With over 9.98 million Invitae Corporation (NVTA) shares trading Monday and a closing price of $0.77 on the day, the dollar volume was approximately $7.69 million. The shares have shown a negative half year performance of -41.18% and its price on 09/18/23 lost nearly -5.11%. Currently, there are 267.01M common shares owned by the public and among those 264.23M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 10 analysts who have offered their price forecasts for NVTA have a consensus price objective of $1.84. The analysts have set the share’s price value over the next 12 months at a high of $4.00 and a low of $0.50. The average price target is 54.71% above its recent price level and a downside to the estimated low will see the stock lose -54.0% over that period. But an upside of 80.75% will see the stock hit the forecast high price target while median target price for the stock is $1.50.
Insiders at the company have transacted a total of 28 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 14 of these insider trades were purchases, accounting for 2,655,982 shares. Insider sales of the common stock occurred on 14 occasions, with total insider shares sold totaling 286,719 shares.
The top 3 mutual fund holders in Invitae Corporation are ARK Innovation ETF, Nikko AM Global Umbrella Fund – A, and ARK Genomic Revolution ETF. ARK Innovation ETF owns 19.48 million shares of the company’s stock, all valued at over $18.0 million. The company sold 38479.0 shares recently to bring their total holdings to about 7.30% of the shares outstanding. Nikko AM Global Umbrella Fund – A sold -1.31 million shares to see its total holdings shrink to 11.69 million shares valued at over $10.8 million and representing 4.38% of the shares outstanding. ARK Genomic Revolution ETF now owns shares totaling to 3.45% of the shares outstanding.
Shares of Invitae Corporation (NYSE: NVTA) opened at $0.805, down -$0.01 from a prior closing price of $0.81. However, the script later moved the day high at 0.8050, down -5.11%. The company’s stock has a 5-day price change of -8.97% and -37.85% over the past three months. NVTA shares are trading -58.57% year to date (YTD), with the 12-month market performance down to -77.86% lower. It has a 12-month low price of $0.79 and touched a high of $3.78 over the same period. NVTA has an average intraday trading volume of 9.74 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -15.42%, -30.47%, and -50.34% respectively.
Institutional ownership of Invitae Corporation (NYSE: NVTA) shares accounts for 72.90% of the company’s 267.01M shares outstanding. Mutual fund holders own 36.01%, while other institutional holders and individual stakeholders account for 8.79% and 19.17% respectively.
It has a market capitalization of $202.81M and a beta (3y monthly) value of 1.71. The earnings-per-share (ttm) stands at -$3.23. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.62% over the week and 9.84% over the month.
Analysts forecast that Invitae Corporation (NVTA) will achieve an EPS of -$0.31 for the current quarter, -$0.3 for the next quarter and -$1.06 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.39 while analysts give the company a high EPS estimate of -$0.23. Comparatively, EPS for the current quarter was -$0.42 a year ago. Earnings per share for the fiscal year are expected to decrease by -633.60%, and 16.50% over the next financial year. EPS should grow at an annualized rate of 8.00% over the next five years, compared to -52.40% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate Invitae Corporation (NVTA) as a “Hold” at a consensus score of 3.50. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 6 of the 10 advise that investors “hold,” and 4 rated it as a “Sell.”
