Nevro Corp. (NYSE:NVRO) Short Interest Down 32.1% in February

Nevro Corp. (NYSE:NVRO) was the target of a significant decrease in short interest in February. As of February 15th, there was short interest totalling 1,990,000 shares, a decrease of 32.1% from the January 31st total of 2,930,000 shares. Based on an average daily volume of 879,100 shares, the days-to-cover ratio is presently 2.3 days.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $7.00 price objective on shares of Nevro in a research report on Tuesday, November 12th. Piper Sandler raised shares of Nevro from a “neutral” rating to an “overweight” rating and dropped their price target for the stock from $6.00 to $5.85 in a research note on Friday, February 7th. Jefferies Financial Group raised Nevro from an “underperform” rating to a “hold” rating and lifted their price objective for the company from $4.50 to $5.85 in a research report on Monday, February 10th. Canaccord Genuity Group upped their target price on Nevro from $4.00 to $5.85 and gave the stock a “hold” rating in a research report on Friday, February 7th. Finally, Citigroup lowered their price target on Nevro from $6.00 to $5.00 and set a “neutral” rating for the company in a research note on Wednesday, December 11th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, Nevro currently has a consensus rating of “Hold” and a consensus target price of $6.43.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. ArrowMark Colorado Holdings LLC grew its stake in shares of Nevro by 2.4% in the third quarter. ArrowMark Colorado Holdings LLC now owns 4,391,258 shares of the medical equipment provider’s stock worth $24,547,000 after acquiring an additional 102,150 shares during the last quarter. Engaged Capital LLC grew its position in Nevro by 29.5% in the 3rd quarter. Engaged Capital LLC now owns 2,442,956 shares of the medical equipment provider’s stock worth $13,656,000 after purchasing an additional 557,000 shares during the last quarter. D. E. Shaw & Co. Inc. increased its holdings in shares of Nevro by 20.5% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,803,532 shares of the medical equipment provider’s stock worth $6,709,000 after purchasing an additional 306,943 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Nevro by 130.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,000,000 shares of the medical equipment provider’s stock valued at $5,590,000 after buying an additional 566,462 shares during the last quarter. Finally, Western Standard LLC bought a new stake in shares of Nevro in the third quarter valued at about $5,473,000. 95.52% of the stock is owned by institutional investors.

Nevro Price Performance

NYSE NVRO opened at $5.74 on Wednesday. Nevro has a 1 year low of $3.17 and a 1 year high of $15.98. The company has a fifty day simple moving average of $4.86 and a 200 day simple moving average of $4.93. 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 company has a market cap of $214.90 million, a P/E ratio of -3.03 and a beta of 0.94.

Nevro (NYSE:NVRO) last released its quarterly earnings results on Wednesday, March 5th. The medical equipment provider reported ($0.64) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.15. Nevro had a negative net margin of 16.54% and a negative return on equity of 23.52%. On average, sell-side analysts predict that Nevro will post -2.44 EPS 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.