Nevro Corp. (NYSE:NVRO) Given Average Rating of “Reduce” by Brokerages

Nevro Corp. (NYSE:NVRO) has been given a consensus recommendation of “Reduce” by the fourteen analysts that are covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell rating and eleven have issued a hold rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $10.55.

NVRO has been the subject of several analyst reports. Citigroup decreased their price target on shares of Nevro from $6.89 to $6.00 and set a “neutral” rating for the company in a research report on Tuesday, October 1st. Piper Sandler decreased their price target on shares of Nevro from $12.00 to $7.00 and set an “underweight” rating for the company in a research report on Wednesday, August 7th. Wells Fargo & Company lowered shares of Nevro from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $13.00 to $5.50 in a research report on Wednesday, August 7th. JMP Securities lowered shares of Nevro from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 7th. Finally, Morgan Stanley decreased their price target on shares of Nevro from $14.00 to $9.00 and set an “equal weight” rating for the company in a research report on Monday, July 15th.

Nevro Stock Up 7.2 %

NYSE:NVRO opened at $4.91 on Tuesday. Nevro has a 1-year low of $4.38 and a 1-year high of $22.64. The company has a 50-day moving average of $5.33 and a 200 day moving average of $8.03. The firm has a market cap of $183.04 million, a PE ratio of -2.31 and a beta of 0.94. 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 released its quarterly earnings data on Tuesday, August 6th. The medical equipment provider reported ($0.53) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.10. Nevro had a negative net margin of 18.17% and a negative return on equity of 24.89%. The company had revenue of $104.16 million during the quarter, compared to analyst estimates of $107.11 million. During the same period in the prior year, the firm earned ($0.69) earnings per share. The firm’s revenue for the quarter was down 4.3% compared to the same quarter last year. As a group, research analysts anticipate that Nevro will post -2.6 EPS for the current fiscal year.

Hedge Funds Weigh In On Nevro

Several hedge funds and other institutional investors have recently bought and sold shares of NVRO. Nisa Investment Advisors LLC increased its holdings in Nevro by 1,788.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 6,932 shares of the medical equipment provider’s stock worth $58,000 after buying an additional 6,565 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Nevro during the 3rd quarter worth approximately $71,000. Canada Pension Plan Investment Board grew its stake in shares of Nevro by 345.8% during the 2nd quarter. Canada Pension Plan Investment Board now owns 10,700 shares of the medical equipment provider’s stock worth $90,000 after purchasing an additional 8,300 shares during the period. State Board of Administration of Florida Retirement System grew its stake in shares of Nevro by 14.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 11,578 shares of the medical equipment provider’s stock worth $167,000 after purchasing an additional 1,430 shares during the period. Finally, XTX Topco Ltd grew its stake in shares of Nevro by 84.6% during the 2nd quarter. XTX Topco Ltd now owns 24,711 shares of the medical equipment provider’s stock worth $208,000 after purchasing an additional 11,323 shares during the period. Institutional investors and hedge funds 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.