Fred Alger Management LLC Has $16.24 Million Position in Nevro Corp. (NYSE:NVRO)

Fred Alger Management LLC cut its holdings in Nevro Corp. (NYSE:NVRO) by 7.5% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,928,144 shares of the medical equipment provider’s stock after selling 155,543 shares during the period. Fred Alger Management LLC owned about 0.05% of Nevro worth $16,235,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Assenagon Asset Management S.A. increased its holdings in Nevro by 490.7% in the second quarter. Assenagon Asset Management S.A. now owns 728,463 shares of the medical equipment provider’s stock worth $6,134,000 after purchasing an additional 605,134 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of Nevro by 154.1% in the 2nd 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 in the last quarter. Norges Bank acquired a new position in shares of Nevro during the 4th quarter valued at $8,498,000. Goldman Sachs Group Inc. boosted its stake in Nevro by 69.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,048,026 shares of the medical equipment provider’s stock worth $22,554,000 after acquiring an additional 431,136 shares in the last quarter. Finally, Nomura Holdings Inc. grew its holdings in Nevro by 28.1% in the fourth quarter. Nomura Holdings Inc. now owns 59,250 shares of the medical equipment provider’s stock worth $1,275,000 after purchasing an additional 13,000 shares during the period. 95.52% of the stock is owned by institutional investors and hedge funds.

Nevro Stock Performance

Shares of NVRO stock opened at $5.40 on Thursday. Nevro Corp. has a one year low of $4.38 and a one year high of $22.64. The company has a market cap of $201.31 million, a P/E ratio of -2.36 and a beta of 0.94. The firm has a 50-day moving average of $6.64 and a 200-day moving average of $9.43. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.77 and a quick ratio of 3.53.

Nevro (NYSE:NVRO) last posted its earnings results on Tuesday, August 6th. The medical equipment provider reported ($0.53) EPS for the quarter, topping the consensus estimate of ($0.63) by $0.10. The firm had revenue of $104.16 million for the quarter, compared to analysts’ expectations of $107.11 million. Nevro had a negative net margin of 18.17% and a negative return on equity of 24.89%. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.69) EPS. Equities research analysts forecast that Nevro Corp. will post -2.6 EPS for the current fiscal year.

Analyst Ratings Changes

NVRO has been the topic of several research reports. Piper Sandler dropped their price objective on shares of Nevro from $12.00 to $7.00 and set an “underweight” rating on the stock in a report on Wednesday, August 7th. Royal Bank of Canada cut their price target on Nevro from $16.00 to $7.00 and set a “sector perform” rating on the stock in a report on Wednesday, August 7th. Robert W. Baird decreased their price objective on Nevro from $11.00 to $8.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Citigroup upgraded Nevro from a “sell” rating to a “neutral” rating and set a $6.89 target price on the stock in a report on Friday, August 9th. Finally, StockNews.com lowered shares of Nevro from a “hold” rating to a “sell” rating in a research note on Wednesday, August 21st. Four equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. Based on data from MarketBeat.com, Nevro currently has a consensus rating of “Hold” and a consensus price target of $10.63.

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.