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

Shares of Nevro Corp. (NYSE:NVRO) have received an average recommendation of “Reduce” from the thirteen research firms that are presently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, ten have given a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $19.46.

Several equities analysts have commented on the company. Mizuho lowered their price objective on Nevro from $20.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. Citigroup lowered Nevro from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $13.50 to $9.00 in a research report on Wednesday, May 22nd. Royal Bank of Canada lowered their price target on Nevro from $18.00 to $16.00 and set a “sector perform” rating for the company in a research report on Monday, April 15th. Canaccord Genuity Group lowered their price target on Nevro from $17.00 to $11.00 and set a “hold” rating for the company in a research report on Wednesday, May 8th. Finally, Piper Sandler lowered their price target on Nevro from $15.00 to $12.00 and set an “underweight” rating for the company in a research report on Wednesday, May 8th.

Institutional Investors Weigh In On Nevro

A number of large investors have recently made changes to their positions in NVRO. Armistice Capital LLC grew its stake in shares of Nevro by 46.7% during the 3rd quarter. Armistice Capital LLC now owns 3,456,000 shares of the medical equipment provider’s stock valued at $66,424,000 after purchasing an additional 1,100,000 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Nevro by 69.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,048,026 shares of the medical equipment provider’s stock valued at $22,554,000 after buying an additional 431,136 shares in the last quarter. Norges Bank purchased a new position in shares of Nevro during the 4th quarter valued at about $8,498,000. Federated Hermes Inc. lifted its position in shares of Nevro by 380.1% during the 4th quarter. Federated Hermes Inc. now owns 431,153 shares of the medical equipment provider’s stock valued at $9,278,000 after buying an additional 341,343 shares in the last quarter. Finally, Palo Alto Investors LP lifted its position in shares of Nevro by 107.7% during the 3rd quarter. Palo Alto Investors LP now owns 386,832 shares of the medical equipment provider’s stock valued at $7,435,000 after buying an additional 200,573 shares in the last quarter. 95.52% of the stock is currently owned by institutional investors.

Nevro Trading Down 3.1 %

Shares of NVRO stock opened at $8.34 on Wednesday. The stock has a fifty day moving average of $9.76 and a 200 day moving average of $14.11. Nevro has a 52 week low of $7.85 and a 52 week high of $26.19. 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 announced its quarterly earnings data on Tuesday, May 7th. The medical equipment provider reported ($0.70) EPS for the quarter, beating the consensus estimate of ($1.02) by $0.32. The business had revenue of $101.90 million during 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 company’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter last year, the firm posted ($0.98) earnings per share. As a group, research analysts predict that Nevro will post -2.12 earnings per share for the current fiscal year.

About Nevro

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.