Invitae Co. (NYSE:NVTA) Expected to Announce Quarterly Sales of $145.41 Million

Posted by on May 21st, 2022

Wall Street brokerages expect that Invitae Co. (NYSE:NVTA – Get Rating) will announce $145.41 million in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have made estimates for Invitae’s earnings, with estimates ranging from $140.71 million to $155.70 million. Invitae reported sales of $116.31 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 25%. The business is scheduled to issue its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Invitae will report full year sales of $633.80 million for the current fiscal year, with estimates ranging from $619.86 million to $641.20 million. For the next financial year, analysts forecast that the firm will post sales of $861.02 million, with estimates ranging from $842.49 million to $875.57 million. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Invitae.

Invitae (NYSE:NVTA – Get Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The medical research company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.02). Invitae had a negative net margin of 148.62% and a negative return on equity of 24.48%. The firm had revenue of $123.70 million for the quarter, compared to analysts’ expectations of $129.31 million. During the same period in the prior year, the company posted ($0.63) earnings per share. Invitae’s quarterly revenue was up 19.4% compared to the same quarter last year.

A number of analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of Invitae from a “buy” rating to a “hold” rating in a research report on Friday, February 18th. Raymond James dropped their price objective on Invitae from $10.50 to $8.50 in a report on Wednesday, May 4th. The Goldman Sachs Group dropped their price objective on Invitae from $14.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, April 19th. SVB Leerink dropped their price objective on Invitae from $30.00 to $25.00 and set an “outperform” rating on the stock in a report on Friday, February 25th. Finally, Morgan Stanley dropped their price objective on Invitae from $37.00 to $18.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 15th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $19.07.

In related news, CAO Robert F. Werner sold 7,356 shares of Invitae stock in a transaction dated Tuesday, May 17th. The stock was sold at an average price of $3.81, for a total value of $28,026.36. Following the completion of the transaction, the chief accounting officer now directly owns 204,655 shares of the company’s stock, valued at $779,735.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Yafei Wen sold 17,042 shares of Invitae stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $3.81, for a total value of $64,930.02. Following the completion of the transaction, the chief financial officer now directly owns 344,374 shares of the company’s stock, valued at $1,312,064.94. The disclosure for this sale can be found here. Over the last three months, insiders have sold 154,444 shares of company stock valued at $802,185. Company insiders own 1.90% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Concord Wealth Partners grew its position in shares of Invitae by 179.2% during the 4th quarter. Concord Wealth Partners now owns 2,728 shares of the medical research company’s stock worth $42,000 after buying an additional 1,751 shares during the period. Tyler Stone Wealth Management acquired a new position in shares of Invitae during the 4th quarter worth about $42,000. AdvisorNet Financial Inc grew its position in shares of Invitae by 47.4% during the 4th quarter. AdvisorNet Financial Inc now owns 3,000 shares of the medical research company’s stock worth $46,000 after buying an additional 965 shares during the period. Bourgeon Capital Management LLC grew its position in shares of Invitae by 200.0% during the 4th quarter. Bourgeon Capital Management LLC now owns 3,000 shares of the medical research company’s stock worth $46,000 after buying an additional 2,000 shares during the period. Finally, Point72 Hong Kong Ltd bought a new position in shares of Invitae during the 3rd quarter valued at about $101,000. Hedge funds and other institutional investors own 91.87% of the company’s stock.

NYSE NVTA opened at $3.63 on Friday. The company has a 50 day simple moving average of $6.32 and a 200-day simple moving average of $11.44. The company has a debt-to-equity ratio of 0.56, a current ratio of 6.14 and a quick ratio of 5.88. The firm has a market capitalization of $832.32 million, a price-to-earnings ratio of -1.12 and a beta of 1.89. Invitae has a 52-week low of $3.32 and a 52-week high of $35.51.

About Invitae (Get Rating)

Invitae Corporation, a medical genetics company, integrates genetic information into mainstream medicine to improve healthcare of people in the United States, Canada, and internationally. The company offers genetic tests in various clinical areas, including hereditary cancer, cardiology, neurology, pediatrics, oncology, metabolic conditions, and rare diseases; digital health solutions; and health data services.

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