Wells Fargo & Company Begins Coverage on Nevro (NYSE:NVRO)

Wells Fargo & Company initiated coverage on shares of Nevro (NYSE:NVRO) in a report published on Tuesday, MarketBeat reports. The brokerage issued an equal weight rating and a $5.00 price objective on the medical equipment provider’s stock.

Several other equities analysts have also issued reports on the stock. Canaccord Genuity Group decreased their price target on shares of Nevro from $8.00 to $7.00 and set a “hold” rating for the company in a report on Tuesday, November 12th. Wolfe Research raised Nevro from an “underperform” rating to a “peer perform” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. lowered shares of Nevro from a “neutral” rating to an “underweight” rating in a research note on Wednesday, August 7th. Morgan Stanley downgraded shares of Nevro from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $9.00 to $4.00 in a research report on Monday. Finally, Truist Financial reduced their target price on shares of Nevro from $10.00 to $5.50 and set a “hold” rating for the company in a research note on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating and twelve have given a hold rating to the company’s stock. Based on data from MarketBeat.com, Nevro currently has a consensus rating of “Hold” and an average price target of $8.55.

Nevro Stock Performance

NVRO stock opened at $4.26 on Tuesday. Nevro has a twelve month low of $3.95 and a twelve month high of $22.64. The company has a quick ratio of 3.76, a current ratio of 5.02 and a debt-to-equity ratio of 0.67. The company has a market cap of $159.62 million, a P/E ratio of -2.25 and a beta of 0.84. The business’s fifty day moving average is $4.91 and its 200-day moving average is $6.77.

Nevro (NYSE:NVRO) last announced its quarterly earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) EPS for the quarter, beating 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 company had revenue of $96.60 million during the quarter, compared to analysts’ expectations of $93.09 million. During the same period in the prior year, the business posted ($0.65) EPS. Nevro’s revenue was down 7.0% on a year-over-year basis. Equities research analysts forecast that Nevro will post -2.43 EPS for the current year.

Hedge Funds Weigh In On Nevro

Hedge funds and other institutional investors have recently bought and sold shares of the business. Virtu Financial LLC acquired a new stake in shares of Nevro in the third quarter valued at approximately $63,000. M&T Bank Corp raised its stake in Nevro by 54.0% in the 3rd quarter. M&T Bank Corp now owns 78,954 shares of the medical equipment provider’s stock valued at $442,000 after acquiring an additional 27,681 shares during the period. Public Employees Retirement System of Ohio lifted its holdings in Nevro by 2,310.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 72,300 shares of the medical equipment provider’s stock valued at $404,000 after purchasing an additional 69,300 shares during the last quarter. Western Standard LLC bought a new position in Nevro during the third quarter worth $5,473,000. Finally, Jacobs Levy Equity Management Inc. increased its holdings in shares of Nevro by 50.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 732,717 shares of the medical equipment provider’s stock valued at $4,096,000 after purchasing an additional 246,979 shares during the last quarter. Institutional investors own 95.52% of the company’s stock.

About Nevro

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.