Nevro (NYSE:NVRO) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Nevro (NYSE:NVRO) from a sell rating to a hold rating in a research note issued to investors on Thursday.

A number of other research analysts have also recently weighed in on NVRO. Truist Financial reduced their target price on Nevro from $10.00 to $5.50 and set a “hold” rating on the stock in a report on Thursday, August 8th. JPMorgan Chase & Co. downgraded shares of Nevro from a “neutral” rating to an “underweight” rating in a research report on Wednesday, August 7th. Royal Bank of Canada reduced their price target on shares of Nevro from $16.00 to $7.00 and set a “sector perform” rating on the stock in a research report on Wednesday, August 7th. Citigroup lowered their price target on Nevro from $6.89 to $6.00 and set a “neutral” rating for the company in a report on Tuesday, October 1st. Finally, Wells Fargo & Company downgraded Nevro from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $13.00 to $5.50 in a research report on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating and twelve have given a hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $10.55.

Nevro Stock Performance

NYSE:NVRO opened at $4.90 on Thursday. The firm has a market cap of $182.67 million, a PE ratio of -2.28 and a beta of 0.94. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.77 and a quick ratio of 3.53. Nevro has a 1-year low of $4.38 and a 1-year high of $22.64. The firm has a 50 day simple moving average of $5.35 and a 200-day simple moving average of $8.17.

Nevro (NYSE:NVRO) last issued its quarterly earnings results on Tuesday, August 6th. The medical equipment provider reported ($0.53) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.10. Nevro had a negative return on equity of 24.89% and a negative net margin of 18.17%. The firm had revenue of $104.16 million for the quarter, compared to analyst estimates of $107.11 million. During the same period last year, the company earned ($0.69) EPS. The firm’s quarterly revenue was down 4.3% on a year-over-year basis. On average, equities analysts expect that Nevro will post -2.6 EPS for the current year.

Hedge Funds Weigh In On Nevro

Institutional investors and hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC raised 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 in the last quarter. Canada Pension Plan Investment Board lifted its position in shares of 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 worth $90,000 after purchasing an additional 8,300 shares during the last quarter. State Board of Administration of Florida Retirement System grew its stake in 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 worth $167,000 after purchasing an additional 1,430 shares in the last quarter. SG Americas Securities LLC bought a new stake in Nevro in the third quarter valued at about $71,000. Finally, XTX Topco Ltd raised its stake in 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 buying an additional 11,323 shares in the last quarter. 95.52% of the stock is currently owned by hedge funds and other institutional investors.

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.