Invitae Corp (NYSE: NVTA) Could Make Significant Gains?

In the last trading session, 6.35 million Invitae Corp (NYSE:NVTA) shares changed hands as the company’s beta touched 1.70. With the company’s per share price at $0.58 changed hands at $0.04 or 6.49% during last session, the market valuation stood at $165.82M. NVTA’s last price was a discount, traded about -434.48% off its 52-week high of $3.10. The share price had its 52-week low at $0.36, which suggests the last value was 37.93% up since then. When we look at Invitae Corp’s average trading volume, we note the 10-day average is 9.91 million shares, with the 3-month average coming to 11.65 million.

Analysts gave the Invitae Corp (NVTA) stock a consensus recommendation rating of an Underweight, calculated at a mean rating of 4.00. If we narrow down to specifics, the data shows that 4 out of 8 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 4 recommended NVTA as a Hold, 0 felt it is a Buy and 0 rated the stock as Underweight. Invitae Corp’s EPS for the current quarter is expected to be -$0.26.

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Invitae Corp (NYSE:NVTA) trade information

Instantly NVTA was in green as seen at the end of in last trading. With action 23.18%, the performance over the past five days has been green. The jump to weekly highs of 0.6477 on Friday, 11/17/23 added 6.49% to the stock’s daily price. The company’s shares are showing year-to-date downside of -68.88%, with the 5-day performance at 23.18% in the green. However, in the 30-day time frame, Invitae Corp (NYSE:NVTA) is -5.16% down. Looking at the short shares, we see there were 50.04 million shares sold at short interest cover period of 4.47 days.

The consensus price target for the stock as assigned by Wall Street analysts is $1.31, meaning bulls need an upside of 55.73% from its current market value. According to analyst projections, NVTA’s forecast low is $0.30 with $4.00 as the target high. To hit the forecast high, the stock’s price needs a -589.66% plunge from its current level, while the stock would need to tank 48.28% for it to hit the projected low.

Invitae Corp (NVTA) estimates and forecasts

Data shows that the Invitae Corp 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 -46.41% over the past 6 months, a 42.73% in annual growth rate that is considerably higher than the industry average of 13.60%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Invitae Corp will rise 23.50%, while the growth in revenue is estimated to hit 35.10% for the next quarter. Year-over-year growth is forecast to reach -6.00% down from the last financial year.

Consensus estimates given by 7 financial analysts project the company’s revenue in the current quarter to hit an average of $125.5 million. 7 analysts are of the opinion that Invitae Corp’s revenue for the quarter ending Mar 2024 will be $126.43 million. The company’s revenue for the corresponding quarters a year ago was $122.45 million and $116.58 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 2.50%. The estimates for the next quarter sales put growth at 8.40%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of -37.83%. The 2023 estimates are for Invitae Corp earnings to increase by 53.73%, but the outlook for the next 5-year period is at 8.00% per year.

NVTA Dividends

Invitae Corp is expected to release its next quarterly earnings report on November 08.

Invitae Corp (NYSE:NVTA)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 0.96% of Invitae Corp 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 Corp stock share, with ARK Investment Management, LLC the top institutional holder. As of Sep 29, 2023, the company held 12.34% of the shares, roughly 32.94 million NVTA shares worth $19.94 million.

Blackrock Inc. holds the second largest percentage of outstanding shares, with 7.99% or 21.32 million shares worth $24.1 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Sep 29, 2023 were ARK ETF Tr-ARK Innovation ETF and ARK ETF Tr-ARK Genomic Revolution ETF. With 18.88 million shares estimated at $11.43 million under it, the former controlled 7.07% of total outstanding shares. On the other hand, ARK ETF Tr-ARK Genomic Revolution ETF held about 3.39% of the shares, roughly 9.06 million shares worth around $5.48 million.

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