Nevro Corp. (NYSE:NVRO) Receives Average Recommendation of “Reduce” from Analysts

Shares of Nevro Corp. (NYSE:NVRO) have been assigned an average recommendation of “Reduce” from the fourteen ratings firms that are currently covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a sell recommendation and eleven have assigned a hold recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $10.55.

A number of equities analysts have commented on NVRO shares. Morgan Stanley reduced their target price on Nevro from $14.00 to $9.00 and set an “equal weight” rating for the company in a report on Monday, July 15th. Wells Fargo & Company lowered Nevro from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $13.00 to $5.50 in a report on Wednesday, August 7th. Truist Financial dropped their target price on shares of Nevro from $10.00 to $5.50 and set a “hold” rating for the company in a report on Thursday, August 8th. JMP Securities downgraded shares of Nevro from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 7th. Finally, Wolfe Research raised shares of Nevro from an “underperform” rating to a “peer perform” rating in a research note on Thursday, August 8th.

Nevro Price Performance

Nevro stock opened at $4.95 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.53 and a current ratio of 4.77. The company’s fifty day moving average price is $6.12 and its 200 day moving average price is $9.08. The stock has a market capitalization of $181.81 million, a P/E ratio of -2.16 and a beta of 0.94. Nevro has a 1 year low of $4.38 and a 1 year high of $22.64.

Nevro (NYSE:NVRO) last released its earnings results on Tuesday, August 6th. The medical equipment provider reported ($0.53) EPS 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 business had revenue of $104.16 million during the quarter, compared to analysts’ expectations of $107.11 million. During the same quarter in the previous year, the company earned ($0.69) earnings per share. The company’s quarterly revenue was down 4.3% on a year-over-year basis. As a group, equities research analysts anticipate that Nevro will post -2.6 earnings per share for the current fiscal year.

Institutional Trading of Nevro

Hedge funds and other institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC lifted its holdings in Nevro by 1,788.8% in the second quarter. Nisa Investment Advisors LLC now owns 6,932 shares of the medical equipment provider’s stock valued at $58,000 after acquiring an additional 6,565 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Nevro in the 3rd quarter valued at $71,000. Canada Pension Plan Investment Board grew its holdings 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 holdings 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 increased its position 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 last quarter. Institutional investors and hedge funds own 95.52% of the company’s stock.

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.