Nevro (NYSE:NVRO) Share Price Passes Below 50-Day Moving Average of $9.68

Nevro Corp. (NYSE:NVRO) shares crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $9.68 and traded as low as $8.20. Nevro shares last traded at $8.38, with a volume of 166,365 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Wells Fargo & Company dropped their target price on Nevro from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 8th. Mizuho reduced their target price on shares of Nevro from $20.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. Royal Bank of Canada lowered their price target on shares of Nevro from $18.00 to $16.00 and set a “sector perform” rating on the stock in a report on Monday, April 15th. Citigroup lowered Nevro from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $13.50 to $9.00 in a research note on Wednesday, May 22nd. Finally, Piper Sandler lowered their target price on Nevro from $15.00 to $12.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 8th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Nevro currently has an average rating of “Hold” and a consensus price target of $19.46.

Nevro Trading Up 0.4 %

The firm has a market cap of $307.80 million, a price-to-earnings ratio of -3.66 and a beta of 0.92. The company’s 50-day moving average price is $9.68 and its 200-day moving average price is $14.07. The company has a quick ratio of 5.57, a current ratio of 7.38 and a debt-to-equity ratio of 0.77.

Nevro (NYSE:NVRO) last issued its quarterly earnings results on Tuesday, May 7th. The medical equipment provider reported ($0.70) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.02) by $0.32. The firm had revenue of $101.90 million for the quarter, compared to analyst estimates of $97.90 million. Nevro had a negative return on equity of 27.48% and a negative net margin of 19.17%. The business’s revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.98) earnings per share. Equities analysts expect that Nevro Corp. will post -2.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Nevro

Hedge funds have recently modified their holdings of the business. Assetmark Inc. raised its holdings in Nevro by 30.4% in the 4th quarter. Assetmark Inc. now owns 3,131 shares of the medical equipment provider’s stock valued at $67,000 after acquiring an additional 730 shares during the last quarter. State Board of Administration of Florida Retirement System increased its holdings in shares of 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 valued at $167,000 after purchasing an additional 1,430 shares during the last quarter. Natixis Advisors L.P. purchased a new position in Nevro during the third quarter worth approximately $248,000. Trexquant Investment LP raised its holdings in shares of Nevro by 116.9% during the 3rd quarter. Trexquant Investment LP now owns 28,893 shares of the medical equipment provider’s stock worth $555,000 after acquiring an additional 15,574 shares during the period. Finally, Oppenheimer Asset Management Inc. boosted its holdings in Nevro by 45.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 30,727 shares of the medical equipment provider’s stock valued at $444,000 after purchasing an additional 9,586 shares during the last quarter. 95.52% of the stock is currently owned by institutional investors and hedge funds.

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.