NeuroPace, Inc. $NPCE Shares Acquired by First Light Asset Management LLC

Key Points

• First Light Asset Management increased its NeuroPace stake by 82.3% in the first quarter, adding 1.11 million shares to own approximately 7.22% of NPCE. Institutional investors and hedge funds collectively hold 78.83% of the company.
• NeuroPace reported quarterly revenue of $22.0 million and an adjusted loss of $0.13 per share, exceeding analyst expectations of $21.65 million in revenue and a $0.19-per-share loss.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $19.29; recent targets include $20 from HC Wainwright and $22 from Mizuho.

First Light Asset Management LLC increased its holdings in NeuroPace, Inc. (NASDAQ:NPCE - Free Report) by 82.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,459,966 shares of the company's stock after purchasing an additional 1,110,484 shares during the period. NeuroPace accounts for 2.9% of First Light Asset Management LLC's investment portfolio, making the stock its 11th biggest position. First Light Asset Management LLC owned about 7.22% of NeuroPace worth $32,349,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Kotler Kevin acquired a new stake in NeuroPace in the 4th quarter worth about $9,750,000. Walleye Capital LLC increased its stake in shares of NeuroPace by 344.6% during the 4th quarter. Walleye Capital LLC now owns 228,847 shares of the company's stock valued at $3,533,000 after acquiring an additional 177,375 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of NeuroPace by 44.6% during the 2nd quarter. Geode Capital Management LLC now owns 485,162 shares of the company's stock valued at $5,406,000 after acquiring an additional 149,595 shares during the last quarter. Armistice Capital LLC increased its stake in shares of NeuroPace by 12.6% during the 3rd quarter. Armistice Capital LLC now owns 1,298,000 shares of the company's stock valued at $13,382,000 after acquiring an additional 145,665 shares during the last quarter. Finally, Jane Street Group LLC purchased a new position in shares of NeuroPace during the 4th quarter worth about $1,815,000. 78.83% of the stock is currently owned by institutional investors and hedge funds.

NeuroPace Stock Performance

NASDAQ NPCE opened at $14.81 on Monday. The firm has a market capitalization of $504.87 million, a price-to-earnings ratio of -22.78 and a beta of 1.88. The company has a debt-to-equity ratio of 4.08, a quick ratio of 4.35 and a current ratio of 5.38. NeuroPace, Inc. has a one year low of $7.56 and a one year high of $19.60. The company's 50 day moving average price is $16.12 and its 200 day moving average price is $15.62.

NeuroPace (NASDAQ:NPCE - Get Free Report) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.06. NeuroPace had a negative net margin of 21.67% and a negative return on equity of 108.20%. The company had revenue of $22.00 million during the quarter, compared to the consensus estimate of $21.65 million. On average, sell-side analysts predict that NeuroPace, Inc. will post -0.54 EPS for the current year.

Wall Street Analyst Weigh In

NPCE has been the topic of several research analyst reports. HC Wainwright raised their target price on shares of NeuroPace from $19.00 to $20.00 and gave the stock a "buy" rating in a research report on Friday, May 15th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of NeuroPace in a research report on Wednesday, June 24th. Finally, Mizuho started coverage on shares of NeuroPace in a research note on Thursday. They set an "outperform" rating and a $22.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $19.29.

NeuroPace Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.