Nevro Corp. (NYSE:NVRO) Shares Bought by Millennium Management LLC

Millennium Management LLC grew its position in Nevro Corp. (NYSE:NVRO) by 21.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 956,542 shares of the medical equipment provider’s stock after acquiring an additional 168,573 shares during the period. Millennium Management LLC owned about 2.60% of Nevro worth $8,054,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. State Board of Administration of Florida Retirement System raised its position in Nevro by 14.1% in the first 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 acquiring an additional 1,430 shares in the last quarter. Rhumbline Advisers increased its holdings 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 valued at $497,000 after purchasing an additional 2,836 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of 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 valued at $58,000 after purchasing an additional 6,565 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Nevro by 18.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 45,016 shares of the medical equipment provider’s stock valued at $651,000 after purchasing an additional 7,004 shares during the period. Finally, Blair William & Co. IL boosted its holdings in Nevro by 13.9% during the second quarter. Blair William & Co. IL now owns 59,404 shares of the medical equipment provider’s stock worth $500,000 after buying an additional 7,250 shares in the last quarter. 95.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on NVRO. Piper Sandler reduced 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. Morgan Stanley reduced their price objective on Nevro from $14.00 to $9.00 and set an “equal weight” rating for the company in a report on Monday, July 15th. Wolfe Research raised Nevro from an “underperform” rating to a “peer perform” rating in a report on Thursday, August 8th. StockNews.com raised Nevro from a “sell” rating to a “hold” rating in a research note on Monday, September 30th. Finally, Citigroup lowered their price objective on shares of Nevro from $6.89 to $6.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 1st. Three analysts have rated the stock with a sell rating and twelve have issued a hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $10.55.

Nevro Price Performance

Nevro stock opened at $4.70 on Thursday. The stock has a market capitalization of $172.63 million, a P/E ratio of -2.05 and a beta of 0.94. Nevro Corp. has a 12-month low of $4.38 and a 12-month high of $22.64. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.77 and a quick ratio of 3.53. The firm’s 50-day moving average is $5.73 and its two-hundred day moving average is $8.79.

Nevro (NYSE:NVRO) last announced its quarterly earnings data on Tuesday, August 6th. The medical equipment provider reported ($0.53) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $0.10. The business had revenue of $104.16 million for the quarter, compared to the consensus estimate 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 in the prior year, the firm posted ($0.69) earnings per share. Equities analysts predict that Nevro Corp. will post -2.6 earnings per share for the current 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.