Nevro Corp. (NYSE:NVRO) Short Interest Down 16.6% in November

Nevro Corp. (NYSE:NVRO) was the target of a large decrease in short interest in the month of November. As of November 15th, there was short interest totalling 2,620,000 shares, a decrease of 16.6% from the October 31st total of 3,140,000 shares. Based on an average trading volume of 550,000 shares, the short-interest ratio is currently 4.8 days.

Analyst Upgrades and Downgrades

NVRO has been the subject of several recent research reports. Piper Sandler reduced their price target on Nevro from $7.00 to $6.00 and set an “underweight” rating for the company in a research note on Tuesday, November 12th. Wells Fargo & Company cut Nevro from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $13.00 to $5.50 in a report on Wednesday, August 7th. StockNews.com raised shares of Nevro from a “sell” rating to a “hold” rating in a report on Tuesday, November 19th. Canaccord Genuity Group lowered their price objective on shares of Nevro from $8.00 to $7.00 and set a “hold” rating for the company in a research report on Tuesday, November 12th. Finally, Wolfe Research upgraded Nevro from an “underperform” rating to a “peer perform” rating in a research report on Thursday, August 8th. Three research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $9.10.

Nevro Stock Performance

NYSE:NVRO opened at $4.60 on Monday. The company has a fifty day moving average of $4.97 and a 200-day moving average of $6.86. Nevro has a twelve month low of $3.95 and a twelve month high of $22.64. The firm has a market capitalization of $172.36 million, a P/E ratio of -2.43 and a beta of 0.93. The company has a quick ratio of 3.76, a current ratio of 5.02 and a debt-to-equity ratio of 0.67.

Nevro (NYSE:NVRO) last issued its quarterly earnings data on Monday, November 11th. The medical equipment provider reported ($0.41) EPS for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.40. Nevro had a negative return on equity of 23.52% and a negative net margin of 16.54%. The firm had revenue of $96.60 million during the quarter, compared to analyst estimates of $93.09 million. During the same period in the previous year, the company posted ($0.65) EPS. The company’s revenue for the quarter was down 7.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Nevro will post -2.43 EPS for the current year.

Institutional Trading of Nevro

A number of large investors have recently bought and sold shares of NVRO. Western Standard LLC bought a new stake in Nevro during the third quarter valued at $5,473,000. Assenagon Asset Management S.A. increased its holdings in shares of Nevro by 490.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 728,463 shares of the medical equipment provider’s stock worth $6,134,000 after buying an additional 605,134 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Nevro by 130.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,000,000 shares of the medical equipment provider’s stock worth $5,590,000 after acquiring an additional 566,462 shares during the last quarter. Engaged Capital LLC raised its position in Nevro by 29.5% during the third quarter. Engaged Capital LLC now owns 2,442,956 shares of the medical equipment provider’s stock valued at $13,656,000 after purchasing an additional 557,000 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in Nevro by 50.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 732,717 shares of the medical equipment provider’s stock worth $4,096,000 after purchasing an additional 246,979 shares during the last quarter. 95.52% of the stock is owned by hedge funds and other institutional investors.

Nevro Company Profile

Nevro Corp., a medical device company, engages in the provision of products for patients suffering from chronic pain in the United States and internationally. The company provides HFX spinal cord stimulation (SCS) platform, which includes the Senza SCS implantable pulse generator (IPG) system, an evidence-based neuromodulation system for the treatment of chronic back and leg pain through paresthesia-free 10 kHz therapy, as well as offers Senza II and Senza Omnia SCS IPG systems.