Novadaq Technologies Inc (NVDQ) Downgraded to Hold at Craig Hallum

Craig Hallum downgraded shares of Novadaq Technologies Inc (NASDAQ:NVDQ) (TSE:NDQ) from a buy rating to a hold rating in a report released on Monday. Craig Hallum currently has $11.75 target price on the medical research company’s stock.

A number of other research analysts have also weighed in on the company. Canaccord Genuity reissued a buy rating and set a $10.00 price target on shares of Novadaq Technologies in a research note on Wednesday, February 22nd. Royal Bank Of Canada set a $12.00 price target on Novadaq Technologies and gave the stock a buy rating in a research note on Wednesday, March 1st. Stifel Nicolaus reduced their price target on Novadaq Technologies from $16.00 to $10.00 and set a buy rating on the stock in a research note on Wednesday, March 1st. Feltl & Co. lowered Novadaq Technologies from a buy rating to a hold rating in a research note on Wednesday, March 1st. Finally, Zacks Investment Research lowered Novadaq Technologies from a hold rating to a strong sell rating in a research note on Saturday, March 4th. Ten equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $11.44.

Analyst Recommendations for Novadaq Technologies (NASDAQ:NVDQ)

Novadaq Technologies (NVDQ) opened at 11.80 on Monday. Novadaq Technologies has a 12 month low of $5.84 and a 12 month high of $12.74. The company’s 50-day moving average price is $7.31 and its 200-day moving average price is $7.25. The stock’s market cap is $682.06 million.

Novadaq Technologies (NASDAQ:NVDQ) (TSE:NDQ) last posted its earnings results on Wednesday, May 3rd. The medical research company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by $0.03. Novadaq Technologies had a negative net margin of 71.97% and a negative return on equity of 49.93%. The company had revenue of $21.08 million during the quarter, compared to analysts’ expectations of $20.12 million. Equities analysts forecast that Novadaq Technologies will post ($0.80) earnings per share for the current year.

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Several hedge funds have recently added to or reduced their stakes in NVDQ. OppenheimerFunds Inc. purchased a new stake in Novadaq Technologies during the first quarter worth approximately $13,900,000. FMR LLC increased its stake in Novadaq Technologies by 30.5% in the first quarter. FMR LLC now owns 3,107,271 shares of the medical research company’s stock worth $24,206,000 after buying an additional 726,288 shares during the last quarter. I.G. Investment Management LTD. purchased a new stake in Novadaq Technologies during the fourth quarter worth approximately $3,531,000. Royce & Associates LP increased its stake in Novadaq Technologies by 229.0% in the first quarter. Royce & Associates LP now owns 603,400 shares of the medical research company’s stock worth $4,700,000 after buying an additional 420,000 shares during the last quarter. Finally, Granite Investment Partners LLC increased its stake in Novadaq Technologies by 164.0% in the first quarter. Granite Investment Partners LLC now owns 462,676 shares of the medical research company’s stock worth $3,605,000 after buying an additional 287,392 shares during the last quarter. Institutional investors and hedge funds own 88.25% of the company’s stock.

About Novadaq Technologies

NOVADAQ Technologies Inc is a medical device company. The Company primarily develops, manufactures and markets real-time fluorescence imaging products that are designed for use by surgeons in the operating room and other clinical settings where open and minimally invasive surgery or interventional procedures are performed.

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