Nevro Corp. (NYSE:NVRO) Given Consensus Recommendation of “Reduce” by Brokerages

Shares of Nevro Corp. (NYSE:NVRO) have been assigned an average rating of “Reduce” from the fourteen analysts that are presently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $8.05.

Several equities research analysts recently commented on NVRO shares. Piper Sandler lowered 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 decreased their target price on shares of Nevro from $5.00 to $4.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 11th. JMP Securities restated a “market perform” rating on shares of Nevro in a report on Tuesday, November 12th. Citigroup decreased their price objective on shares of Nevro from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Wednesday, December 11th. Finally, Robert W. Baird raised their target price on Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th.

Institutional Trading of Nevro

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. grew its position in Nevro by 3,446.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 152,500 shares of the medical equipment provider’s stock worth $1,284,000 after purchasing an additional 148,200 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Nevro by 130.7% during the third 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 buying an additional 566,462 shares in the last quarter. Acadian Asset Management LLC increased its stake in Nevro by 154.1% during the second quarter. Acadian Asset Management LLC now owns 241,186 shares of the medical equipment provider’s stock valued at $2,029,000 after acquiring an additional 146,276 shares during the period. Western Standard LLC acquired a new position in Nevro in the 3rd quarter valued at approximately $5,473,000. Finally, Millennium Management LLC lifted its position in shares of Nevro by 21.4% in the 2nd quarter. Millennium Management LLC now owns 956,542 shares of the medical equipment provider’s stock worth $8,054,000 after acquiring an additional 168,573 shares during the period. Institutional investors and hedge funds own 95.52% of the company’s stock.

Nevro Trading Down 2.4 %

Nevro stock opened at $4.05 on Wednesday. Nevro has a 12 month low of $3.92 and a 12 month high of $22.52. 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 stock has a market cap of $151.76 million, a P/E ratio of -2.14 and a beta of 0.84. The company’s fifty day simple moving average is $4.74 and its 200-day simple moving average is $6.42.

Nevro (NYSE:NVRO) last issued its 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 firm had revenue of $96.60 million for the quarter, compared to the consensus estimate of $93.09 million. During the same quarter in the previous year, the company posted ($0.65) earnings per share. The business’s quarterly revenue was down 7.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Nevro will post -2.43 EPS for the current fiscal year.

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.