Millennium Management LLC Acquires 80,324 Shares of NeuroPace, Inc. (NASDAQ:NPCE)

Millennium Management LLC boosted its holdings in NeuroPace, Inc. (NASDAQ:NPCE) by 13.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 686,037 shares of the company’s stock after purchasing an additional 80,324 shares during the quarter. Millennium Management LLC owned about 2.38% of NeuroPace worth $5,186,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in NPCE. Rhumbline Advisers bought a new stake in NeuroPace in the second quarter worth approximately $111,000. Financial Advocates Investment Management increased its holdings in NeuroPace by 50.0% in the second quarter. Financial Advocates Investment Management now owns 15,000 shares of the company’s stock worth $113,000 after purchasing an additional 5,000 shares in the last quarter. Hillsdale Investment Management Inc. bought a new stake in NeuroPace in the first quarter worth approximately $155,000. XTX Topco Ltd increased its holdings in NeuroPace by 56.1% in the second quarter. XTX Topco Ltd now owns 24,055 shares of the company’s stock worth $182,000 after purchasing an additional 8,643 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of NeuroPace during the second quarter valued at approximately $257,000. 78.83% of the stock is currently owned by institutional investors.

NeuroPace Stock Up 6.4 %

NPCE stock opened at $6.61 on Friday. The stock’s fifty day simple moving average is $7.11 and its two-hundred day simple moving average is $8.65. The company has a current ratio of 6.37, a quick ratio of 5.47 and a debt-to-equity ratio of 5.97. NeuroPace, Inc. has a 1-year low of $5.73 and a 1-year high of $18.15. The stock has a market cap of $190.16 million, a P/E ratio of -5.55 and a beta of 1.78.

NeuroPace (NASDAQ:NPCE) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.26) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.03. NeuroPace had a negative return on equity of 195.26% and a negative net margin of 41.63%. The business had revenue of $19.26 million for the quarter, compared to analysts’ expectations of $18.30 million. During the same quarter in the previous year, the firm earned ($0.36) earnings per share. The business’s revenue was up 16.6% on a year-over-year basis. Analysts expect that NeuroPace, Inc. will post -1.08 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Cantor Fitzgerald restated an “overweight” rating and set a $18.00 price objective on shares of NeuroPace in a report on Wednesday, August 14th. Wells Fargo & Company decreased their price objective on NeuroPace from $20.00 to $15.00 and set an “overweight” rating for the company in a report on Wednesday, August 14th. Finally, Morgan Stanley decreased their price objective on NeuroPace from $9.50 to $8.00 and set an “equal weight” rating for the company in a report on Monday, July 15th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $14.00.

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.