AQR Capital Management LLC Invests $470,000 in Nevro Corp. (NYSE:NVRO)

AQR Capital Management LLC purchased a new position in Nevro Corp. (NYSE:NVRO) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 55,840 shares of the medical equipment provider’s stock, valued at approximately $470,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of NVRO. Armistice Capital LLC grew its stake in Nevro by 1.3% during the 2nd quarter. Armistice Capital LLC now owns 3,672,000 shares of the medical equipment provider’s stock valued at $30,918,000 after purchasing an additional 48,000 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in Nevro by 345.8% during the second quarter. Canada Pension Plan Investment Board now owns 10,700 shares of the medical equipment provider’s stock valued at $90,000 after purchasing an additional 8,300 shares in the last quarter. XTX Topco Ltd raised its holdings in shares of Nevro by 84.6% during the second quarter. XTX Topco Ltd now owns 24,711 shares of the medical equipment provider’s stock valued at $208,000 after acquiring an additional 11,323 shares during the last quarter. Hsbc Holdings PLC raised its position in shares of Nevro by 21.4% in the second quarter. Hsbc Holdings PLC now owns 55,604 shares of the medical equipment provider’s stock valued at $459,000 after buying an additional 9,793 shares during the last quarter. Finally, Blair William & Co. IL grew its holdings in shares of Nevro by 13.9% in the second quarter. Blair William & Co. IL now owns 59,404 shares of the medical equipment provider’s stock valued at $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.

Nevro Price Performance

Shares of NVRO stock opened at $4.92 on Tuesday. The company has a current ratio of 4.77, a quick ratio of 3.53 and a debt-to-equity ratio of 0.66. Nevro Corp. has a twelve month low of $4.38 and a twelve month high of $22.64. The firm has a fifty day simple moving average of $5.48 and a 200-day simple moving average of $8.56. The company has a market capitalization of $180.71 million, a PE ratio of -2.15 and a beta of 0.94.

Nevro (NYSE:NVRO) last released its quarterly earnings data 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 firm had revenue of $104.16 million during the quarter, compared to the consensus estimate of $107.11 million. During the same quarter in the previous year, the company posted ($0.69) earnings per share. The firm’s revenue was down 4.3% on a year-over-year basis. Equities research analysts anticipate that Nevro Corp. will post -2.6 earnings per share for the current fiscal year.

Analysts Set New Price Targets

NVRO has been the subject of several recent research reports. Morgan Stanley lowered their price objective on shares of Nevro from $14.00 to $9.00 and set an “equal weight” rating for the company in a research note on Monday, July 15th. Robert W. Baird dropped their target price on Nevro from $11.00 to $8.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. JPMorgan Chase & Co. downgraded Nevro from a “neutral” rating to an “underweight” rating in a report on Wednesday, August 7th. JMP Securities cut Nevro from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 7th. Finally, StockNews.com upgraded Nevro from a “sell” rating to a “hold” rating in a research report on Monday, September 30th. Three equities research analysts have rated the stock with a sell rating and twelve have given a hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $10.55.

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.