Royal Bank of Canada Reaffirms “Sector Perform” Rating for Nevro (NYSE:NVRO)

Royal Bank of Canada reiterated their sector perform rating on shares of Nevro (NYSE:NVRO) in a research note released on Tuesday,Benzinga reports. Royal Bank of Canada currently has a $7.00 price target on the medical equipment provider’s stock.

NVRO has been the topic of a number of other research reports. Wolfe Research upgraded shares of Nevro from an “underperform” rating to a “peer perform” rating in a research note on Thursday, August 8th. Robert W. Baird raised their price target on shares of Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Tuesday. JPMorgan Chase & Co. cut Nevro from a “neutral” rating to an “underweight” rating in a research report on Wednesday, August 7th. Wells Fargo & Company lowered Nevro from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $13.00 to $5.50 in a report on Wednesday, August 7th. Finally, Piper Sandler lowered their price target on Nevro from $7.00 to $6.00 and set an “underweight” rating on the stock in a report on Tuesday. Three research analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company. Based on data from MarketBeat.com, Nevro currently has an average rating of “Hold” and an average target price of $9.10.

Nevro Trading Down 8.7 %

Shares of NYSE NVRO opened at $4.07 on Tuesday. The company has a 50 day simple moving average of $5.21 and a two-hundred day simple moving average of $7.42. Nevro has a fifty-two week low of $4.00 and a fifty-two week high of $22.64. The company has a quick ratio of 3.53, a current ratio of 5.02 and a debt-to-equity ratio of 0.67.

Nevro (NYSE:NVRO) last posted its quarterly earnings data on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.40. Nevro had a negative return on equity of 23.52% and a negative net margin of 16.54%. The company had revenue of $96.60 million during the quarter, compared to analyst estimates of $93.09 million. During the same quarter last year, the company earned ($0.65) EPS. The firm’s revenue for the quarter was down 7.0% on a year-over-year basis. On average, analysts forecast that Nevro will post -2.46 EPS for the current year.

Hedge Funds Weigh In On Nevro

A number of institutional investors have recently bought and sold shares of NVRO. Point72 Asia Singapore Pte. Ltd. increased its position in Nevro by 7,506.2% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 17,114 shares of the medical equipment provider’s stock worth $96,000 after buying an additional 16,889 shares in the last quarter. PDT Partners LLC bought a new stake in Nevro during the 3rd quarter worth approximately $99,000. Engaged Capital LLC lifted its holdings in Nevro by 29.5% during the third quarter. Engaged Capital LLC now owns 2,442,956 shares of the medical equipment provider’s stock valued at $13,656,000 after purchasing an additional 557,000 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Nevro by 130.7% in 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 worth $5,590,000 after purchasing an additional 566,462 shares during the period. Finally, BNP Paribas Financial Markets increased its stake in shares of Nevro by 171.3% in the third quarter. BNP Paribas Financial Markets now owns 135,145 shares of the medical equipment provider’s stock worth $755,000 after purchasing an additional 85,324 shares in the last quarter. 95.52% of the stock is owned by institutional investors.

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.