ARK Investment Management LLC recently announced the acquisition of new stake in Invitae Corp (NYSE:NVTA). The institutional investor has increased its shareholding in the Healthcare company by 2.11% to 32.94 million shares with purchase of 0.68 million shares. This fresh investment now brings its stake to 11.50% valued currently at $16.73 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.34 million to 13.04 million shares. And SSgA Funds Management, Inc. has lifted its position by 5.12% or 0.39 million shares – to 7.96 million shares.
With over 6.59 million Invitae Corp (NVTA) shares trading Monday and a closing price of $0.57 on the day, the dollar volume was approximately $3.75 million. The shares have shown a negative half year performance of -51.19% and its price on 01/08/24 gained nearly 10.76%. Currently, there are 286.49M common shares owned by the public and among those 277.78M 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: 8 analysts who have offered their price forecasts for NVTA have a consensus price objective of $0.71. The analysts have set the share’s price value over the next 12 months at a high of $1.00 and a low of $0.30. The average price target is 19.72% above its recent price level and a downside to the estimated low will see the stock lose -90.0% over that period. But an upside of 43.0% will see the stock hit the forecast high price target while median target price for the stock is $0.75.
Insiders at the company have transacted a total of 30 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 18 of these insider trades were purchases, accounting for 5,435,482 shares. Insider sales of the common stock occurred on 12 occasions, with total insider shares sold totaling 230,740 shares.
The top 3 mutual fund holders in Invitae Corp are ARK Innovation ETF, Nikko AM Global Umbrella Fund – A, and ARK Genomic Revolution ETF. ARK Innovation ETF owns 18.78 million shares of the company’s stock, all valued at over $9.54 million. The company sold -0.14 million shares recently to bring their total holdings to about 6.55% of the shares outstanding. Nikko AM Global Umbrella Fund – A sold -0.21 million shares to see its total holdings shrink to 11.25 million shares valued at over $5.72 million and representing 3.93% of the shares outstanding. ARK Genomic Revolution ETF now owns shares totaling to 3.19% of the shares outstanding.
The company’s stock has a 5-day price change of -8.89% and -14.13% over the past three months. NVTA shares are trading -8.89% year to date (YTD), with the 12-month market performance down to -69.94% lower. It has a 12-month low price of $0.36 and touched a high of $2.94 over the same period. NVTA has an average intraday trading volume of 7.75 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 -6.77%, -2.45%, and -41.02% respectively.
Institutional ownership of Invitae Corp (NYSE: NVTA) shares accounts for 53.06% of the company’s 286.49M shares outstanding. Mutual fund holders own 31.09%, while other institutional holders and individual stakeholders account for 9.17% and 15.85% respectively.
It has a market capitalization of $163.61M and a beta (3y monthly) value of 1.62. The earnings-per-share (ttm) stands at -$5.38. Price movements for the stock have been influenced by the stock’s volatility, which stands at 9.05% over the week and 11.59% over the month.
Analysts forecast that Invitae Corp (NVTA) will achieve an EPS of -$0.26 for the current quarter, -$0.24 for the next quarter and -$0.89 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.34 while analysts give the company a high EPS estimate of -$0.18. Comparatively, EPS for the current quarter was -$0.34 a year ago. Earnings per share for the fiscal year are expected to increase by 53.73%, and 12.90% over the next financial year. EPS should grow at an annualized rate of 8.00% over the next five years, compared to -37.83% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate Invitae Corp (NVTA) as a “Moderate Sell” at a consensus score of 4.00. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 4 of the 8 advise that investors “hold,” and 4 rated it as a “Sell.”
