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Invitae Corporation (NYSE: NVTA)’s Potential for Significant Price Increase in the Near Future

In the last trading session, 8.08 million Invitae Corporation (NYSE:NVTA) shares changed hands as the company’s beta touched 1.71. With the company’s per share price at $0.81 changed hands at $0.01 or 1.46% during last session, the market valuation stood at $213.73M. NVTA’s last price was a discount, traded about -371.6% off its 52-week high of $3.82. The share price had its 52-week low at $0.79, which suggests the last value was 2.47% up since then. When we look at Invitae Corporation’s average trading volume, we note the 10-day average is 11.98 million shares, with the 3-month average coming to 9.75 million.

Analysts gave the Invitae Corporation (NVTA) stock a consensus recommendation rating of an Underweight, calculated at a mean rating of 3.50. If we narrow down to specifics, the data shows that 5 out of 11 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 6 recommended NVTA as a Hold, 0 felt it is a Buy and 0 rated the stock as Underweight. Invitae Corporation’s EPS for the current quarter is expected to be -$0.31.

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Invitae Corporation (NYSE:NVTA) trade information

Instantly NVTA was in green as seen at the end of in last trading. With action -1.11%, the performance over the past five days has been red. The jump to weekly highs of 0.9050 on Friday, 09/15/23 added 1.46% to the stock’s daily price. The company’s shares are showing year-to-date downside of -56.34%, with the 5-day performance at -1.11% in the red. However, in the 30-day time frame, Invitae Corporation (NYSE:NVTA) is -20.38% down. Looking at the short shares, we see there were 39.31 million shares sold at short interest cover period of 3.38 days.

The consensus price target for the stock as assigned by Wall Street analysts is $1.70, meaning bulls need an upside of 52.35% from its current market value. According to analyst projections, NVTA’s forecast low is $0.50 with $4.00 as the target high. To hit the forecast high, the stock’s price needs a -393.83% plunge from its current level, while the stock would need to tank 38.27% for it to hit the projected low.

Invitae Corporation (NVTA) estimates and forecasts

Data shows that the Invitae Corporation share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -41.58% over the past 6 months, a 35.91% in annual growth rate that is considerably higher than the industry average of 11.30%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Invitae Corporation will rise 26.20%, while the growth in revenue is estimated to hit 11.80% for the next quarter. Year-over-year growth is forecast to reach -5.80% down from the last financial year.

Consensus estimates given by 10 financial analysts project the company’s revenue in the current quarter to hit an average of $121.17 million. 10 analysts are of the opinion that Invitae Corporation’s revenue for the quarter ending Dec 2023 will be $126.87 million. The company’s revenue for the corresponding quarters a year ago was $133.54 million and $122.45 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -9.30%. The estimates for the next quarter sales put growth at 3.60%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of -52.40%. The 2023 estimates are for Invitae Corporation earnings to decrease by -633.60%, but the outlook for the next 5-year period is at 8.00% per year.

NVTA Dividends

Invitae Corporation is expected to release its next quarterly earnings report between November 06 and November 10.

Invitae Corporation (NYSE:NVTA)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 0.96% of Invitae Corporation shares while 66.21% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 66.85%. There are 66.21% institutions holding the Invitae Corporation stock share, with ARK Investment Management, LLC the top institutional holder. As of Jun 29, 2023, the company held 12.08% of the shares, roughly 32.26 million NVTA shares worth $26.2 million.

Blackrock Inc. holds the second largest percentage of outstanding shares, with 7.99% or 21.32 million shares worth $17.32 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Aug 30, 2023 were ARK ETF Tr-ARK Innovation ETF and ARK ETF Tr-ARK Genomic Revolution ETF. With 19.91 million shares estimated at $16.17 million under it, the former controlled 7.46% of total outstanding shares. On the other hand, ARK ETF Tr-ARK Genomic Revolution ETF held about 3.30% of the shares, roughly 8.81 million shares worth around $7.16 million.

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