Legato Capital Management LLC Invests $505,000 in NeuroPace, Inc. (NASDAQ:NPCE)

Key Points

• Legato Capital Management LLC acquired a new stake in NeuroPace, Inc., buying 41,107 shares valued around $505,000, which represents 0.13% of the company.
• Major shareholder Orbimed Advisors Llc sold 168,136 shares at an average price of $15.85, reducing their stake by 4.94% and retaining approximately $51.3 million in shares.
• NeuroPace reported a quarterly earnings per share of ($0.21), surpassing analyst expectations, and showed revenue of $22.52 million compared to forecasts of $21.85 million.

Legato Capital Management LLC bought a new stake in NeuroPace, Inc. (NASDAQ:NPCE - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 41,107 shares of the company's stock, valued at approximately $505,000. Legato Capital Management LLC owned approximately 0.13% of NeuroPace at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Northern Trust Corp grew its position in NeuroPace by 15.7% in the fourth quarter. Northern Trust Corp now owns 184,847 shares of the company's stock valued at $2,068,000 after acquiring an additional 25,035 shares during the period. Two Sigma Investments LP bought a new stake in NeuroPace in the fourth quarter valued at $293,000. JPMorgan Chase & Co. grew its position in NeuroPace by 440.4% in the fourth quarter. JPMorgan Chase & Co. now owns 64,826 shares of the company's stock valued at $725,000 after acquiring an additional 52,829 shares during the period. Palumbo Wealth Management LLC grew its position in NeuroPace by 300.4% in the first quarter. Palumbo Wealth Management LLC now owns 46,111 shares of the company's stock valued at $567,000 after acquiring an additional 34,594 shares during the period. Finally, Jacobs Levy Equity Management Inc. bought a new stake in NeuroPace in the fourth quarter valued at $639,000. 78.83% of the stock is currently owned by institutional investors and hedge funds.

NeuroPace Trading Down 2.2%

NASDAQ:NPCE traded down $0.20 during mid-day trading on Monday, hitting $8.79. The company had a trading volume of 57,137 shares, compared to its average volume of 283,809. The business's fifty day moving average is $11.72 and its two-hundred day moving average is $12.14. The company has a debt-to-equity ratio of 2.46, a quick ratio of 5.70 and a current ratio of 6.63. NeuroPace, Inc. has a fifty-two week low of $5.45 and a fifty-two week high of $18.98. The firm has a market cap of $288.15 million, a P/E ratio of -10.46 and a beta of 1.93.

NeuroPace (NASDAQ:NPCE - Get Free Report) last announced its earnings results on Tuesday, May 13th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.05. The business had revenue of $22.52 million during the quarter, compared to analysts' expectations of $21.85 million. NeuroPace had a negative net margin of 29.42% and a negative return on equity of 190.84%. As a group, research analysts expect that NeuroPace, Inc. will post -1 earnings per share for the current year.

Insider Activity at NeuroPace

In other NeuroPace news, major shareholder Orbimed Advisors Llc sold 168,136 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $15.85, for a total value of $2,664,955.60. Following the transaction, the insider directly owned 3,238,199 shares of the company's stock, valued at $51,325,454.15. This represents a 4.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 20.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on NPCE shares. Cantor Fitzgerald restated an "overweight" rating and set a $17.00 target price on shares of NeuroPace in a report on Wednesday, May 14th. HC Wainwright started coverage on NeuroPace in a report on Wednesday, May 28th. They set a "buy" rating and a $18.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their target price on NeuroPace from $14.00 to $16.00 and gave the stock an "overweight" rating in a report on Wednesday, May 14th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $17.00.

About NeuroPace

NeuroPace, Inc operates as a medical device company in the United States. The company develops RNS system, a brain-responsive neuromodulation system that delivers personalized, real-time treatment at the seizure source for treating medically refractory focal epilepsy. It also records continuous brain activity data and enables clinicians to monitor patients in person and remotely.