First Light Asset Management LLC Boosts Stake in NeuroPace, Inc. $NPCE

Key Points

• First Light Asset Management increased its NeuroPace stake by 16.3% in the second quarter, bringing its holdings to 2.86 million shares, or approximately 8.34% of the company. Institutional investors collectively own 78.83% of NPCE.
• NeuroPace reported a quarterly loss of $0.18 per share, beating the $0.22 analyst estimate, while revenue of $22.83 million slightly exceeded expectations. The company remains unprofitable, with a negative net margin of 19.34%.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $19.29, compared with the stock’s reported price of $14.50.

First Light Asset Management LLC raised its stake in shares of NeuroPace, Inc. (NASDAQ:NPCE - Free Report) by 16.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,861,167 shares of the company's stock after buying an additional 401,201 shares during the quarter. NeuroPace comprises about 2.8% of First Light Asset Management LLC's investment portfolio, making the stock its 15th biggest position. First Light Asset Management LLC owned about 8.34% of NeuroPace worth $45,464,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Legal & General Group Plc purchased a new stake in shares of NeuroPace in the second quarter valued at $41,000. Quantbot Technologies LP purchased a new stake in NeuroPace during the 2nd quarter worth about $35,000. Quarry LP increased its position in NeuroPace by 94.9% during the 3rd quarter. Quarry LP now owns 3,845 shares of the company's stock worth $40,000 after purchasing an additional 1,872 shares in the last quarter. California State Teachers Retirement System raised its stake in NeuroPace by 311.7% in the 2nd quarter. California State Teachers Retirement System now owns 5,673 shares of the company's stock valued at $90,000 after purchasing an additional 4,295 shares during the last quarter. Finally, New York State Common Retirement Fund raised its stake in NeuroPace by 755.6% in the 4th quarter. New York State Common Retirement Fund now owns 7,700 shares of the company's stock valued at $119,000 after purchasing an additional 6,800 shares during the last quarter. Hedge funds and other institutional investors own 78.83% of the company's stock.

NeuroPace Stock Down 1.8%

Shares of NASDAQ:NPCE opened at $14.50 on Thursday. The company has a current ratio of 4.94, a quick ratio of 3.91 and a debt-to-equity ratio of 4.97. The firm has a market cap of $497.64 million, a price-to-earnings ratio of -25.44 and a beta of 1.94. The stock's 50-day moving average price is $15.02 and its two-hundred day moving average price is $15.26. NeuroPace, Inc. has a 12-month low of $9.22 and a 12-month high of $19.60.

NeuroPace (NASDAQ:NPCE - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.18) EPS for the quarter, beating analysts' consensus estimates of ($0.22) by $0.04. The company had revenue of $22.83 million during the quarter, compared to the consensus estimate of $22.61 million. NeuroPace had a negative net margin of 19.34% and a negative return on equity of 105.64%. On average, research analysts forecast that NeuroPace, Inc. will post -0.67 EPS for the current year.

Analysts Set New Price Targets

NPCE has been the topic of several analyst reports. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of NeuroPace in a research note on Monday, August 17th. Mizuho started coverage on shares of NeuroPace in a research note on Thursday, July 23rd. They set an "outperform" rating and a $22.00 price objective on the stock. Guggenheim reissued a "neutral" rating on shares of NeuroPace in a research note on Wednesday, July 29th. HC Wainwright restated a "buy" rating and set a $20.00 target price on shares of NeuroPace in a research report on Wednesday, July 29th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of NeuroPace in a research note on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.29.

About NeuroPace

NeuroPace, Inc is a medical device company based in Mountain View, California, that develops innovative neuromodulation systems for the treatment of neurological disorders. Founded in the late 1990s out of research at Stanford University, the company's mission centers on delivering closed-loop, “smart” therapies that monitor and respond to electrical activity in the brain. In 2020, NeuroPace completed its initial public offering and now trades on the NASDAQ under the ticker NPCE.

The company's flagship product, the RNS® System, is an implantable device designed for adults with medically refractory focal epilepsy.

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