State Street Corp Sells 241,495 Shares of Nevro Corp. (NYSE:NVRO)

State Street Corp cut its holdings in Nevro Corp. (NYSE:NVRO) by 24.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 752,631 shares of the medical equipment provider’s stock after selling 241,495 shares during the quarter. State Street Corp owned approximately 2.01% of Nevro worth $4,207,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in NVRO. Bank of New York Mellon Corp increased its position in Nevro by 7.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 127,866 shares of the medical equipment provider’s stock valued at $1,077,000 after purchasing an additional 8,673 shares during the period. Rhumbline Advisers increased its stake in shares of Nevro by 5.0% in the 2nd quarter. Rhumbline Advisers now owns 58,995 shares of the medical equipment provider’s stock worth $497,000 after acquiring an additional 2,836 shares in the last quarter. Acadian Asset Management LLC lifted its position in Nevro by 154.1% during 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 during the period. Renaissance Technologies LLC boosted its stake in Nevro by 5.0% during the second quarter. Renaissance Technologies LLC now owns 368,100 shares of the medical equipment provider’s stock worth $3,099,000 after acquiring an additional 17,600 shares in the last quarter. Finally, Blair William & Co. IL grew its holdings in Nevro by 13.9% in the second quarter. Blair William & Co. IL now owns 59,404 shares of the medical equipment provider’s stock worth $500,000 after purchasing an additional 7,250 shares during the period. 95.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NVRO. StockNews.com raised Nevro from a “sell” rating to a “hold” rating in a research report on Tuesday, November 19th. Royal Bank of Canada reissued a “sector perform” rating and issued a $7.00 target price on shares of Nevro in a report on Tuesday, November 12th. Canaccord Genuity Group reduced their price target on Nevro from $7.00 to $4.00 and set a “hold” rating for the company in a report on Monday, December 9th. Citigroup dropped their price target on shares of Nevro from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 11th. Finally, Piper Sandler cut their price objective on shares of Nevro from $7.00 to $6.00 and set an “underweight” rating on the stock in a research report on Tuesday, November 12th. Three equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $6.30.

Nevro Price Performance

Shares of NVRO opened at $3.72 on Monday. The firm has a market cap of $139.40 million, a PE ratio of -1.97 and a beta of 0.84. Nevro Corp. has a 1-year low of $3.52 and a 1-year high of $22.52. The company has a current ratio of 5.02, a quick ratio of 3.76 and a debt-to-equity ratio of 0.67. The firm has a fifty day simple moving average of $4.54 and a two-hundred day simple moving average of $6.08.

Nevro (NYSE:NVRO) last posted its earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.40. The company had revenue of $96.60 million for the quarter, compared to the consensus estimate of $93.09 million. Nevro had a negative return on equity of 23.52% and a negative net margin of 16.54%. Nevro’s revenue was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.65) earnings per share. On average, equities analysts anticipate that Nevro Corp. will post -2.43 EPS for the current 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.