Nevro Corp. (NYSE:NVRO) Receives Consensus Rating of “Reduce” from Brokerages

Shares of Nevro Corp. (NYSE:NVRO) have received an average recommendation of “Reduce” from the thirteen analysts that are currently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell rating and ten have given a hold rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $6.30.

NVRO has been the subject of a number of analyst reports. Canaccord Genuity Group lowered their price target on shares of Nevro from $7.00 to $4.00 and set a “hold” rating for the company in a report on Monday, December 9th. Truist Financial lowered their price objective on Nevro from $7.00 to $4.70 and set a “hold” rating for the company in a research note on Wednesday, December 18th. Wells Fargo & Company cut their target price on Nevro from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research report on Wednesday, December 11th. Robert W. Baird raised their price target on Nevro from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. Finally, Piper Sandler dropped their price objective on shares of Nevro from $7.00 to $6.00 and set an “underweight” rating for the company in a research note on Tuesday, November 12th.

Institutional Trading of Nevro

A number of hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC acquired a new position in shares of Nevro during the second quarter valued at approximately $470,000. Millennium Management LLC lifted its stake in 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 purchasing an additional 168,573 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Nevro during the 3rd quarter worth approximately $71,000. Assenagon Asset Management S.A. grew its position in shares of Nevro by 27.6% in the third quarter. Assenagon Asset Management S.A. now owns 929,348 shares of the medical equipment provider’s stock valued at $5,195,000 after purchasing an additional 200,885 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in shares of Nevro in the third quarter valued at approximately $69,000. Hedge funds and other institutional investors own 95.52% of the company’s stock.

Nevro Stock Down 2.0 %

NVRO opened at $5.03 on Thursday. The stock has a market cap of $188.29 million, a price-to-earnings ratio of -2.66 and a beta of 0.91. The company has a debt-to-equity ratio of 0.67, a quick ratio of 3.76 and a current ratio of 5.02. The firm’s fifty day moving average is $4.24 and its 200 day moving average is $5.24. Nevro has a fifty-two week low of $3.16 and a fifty-two week high of $17.75.

Nevro (NYSE:NVRO) last issued its earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.40. The firm had revenue of $96.60 million during the quarter, compared to analyst estimates of $93.09 million. Nevro had a negative net margin of 16.54% and a negative return on equity of 23.52%. Nevro’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.65) earnings per share. On average, sell-side analysts forecast that Nevro will post -2.44 earnings per share for the current fiscal year.

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.