Nevro (NYSE:NVRO) Downgraded by StockNews.com

StockNews.com cut shares of Nevro (NYSE:NVRO) from a hold rating to a sell rating in a research report sent to investors on Wednesday morning.

A number of other research analysts also recently issued reports on the company. Citigroup dropped their price target on Nevro from $6.89 to $6.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 1st. Piper Sandler dropped their price target on Nevro from $12.00 to $7.00 and set an “underweight” rating on the stock in a research note on Wednesday, August 7th. JPMorgan Chase & Co. downgraded Nevro from a “neutral” rating to an “underweight” rating in a research note on Wednesday, August 7th. Morgan Stanley dropped their price target on Nevro from $14.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Monday, July 15th. Finally, JMP Securities downgraded Nevro from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 7th. Four equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $10.55.

Nevro Stock Performance

Shares of NYSE NVRO opened at $5.38 on Wednesday. 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 fifty-two week low of $4.38 and a fifty-two week high of $22.64. The stock’s 50-day simple moving average is $5.39 and its 200-day simple moving average is $8.39.

Nevro (NYSE:NVRO) last issued its earnings results on Tuesday, August 6th. The medical equipment provider reported ($0.53) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $104.16 million for the quarter, compared to analyst estimates of $107.11 million. During the same quarter last year, the company earned ($0.69) EPS. The business’s quarterly revenue was down 4.3% on a year-over-year basis. Equities research analysts forecast that Nevro will post -2.6 EPS for the current year.

Institutional Trading of Nevro

Several hedge funds have recently modified their holdings of NVRO. Assenagon Asset Management S.A. lifted its holdings in shares of Nevro by 490.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 728,463 shares of the medical equipment provider’s stock valued at $6,134,000 after buying an additional 605,134 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Nevro by 69.9% in 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 during the period. Millennium Management LLC lifted its holdings in shares of Nevro by 21.4% in the 2nd quarter. Millennium Management LLC now owns 956,542 shares of the medical equipment provider’s stock valued at $8,054,000 after buying an additional 168,573 shares during the period. Point72 Asset Management L.P. lifted its holdings in shares of Nevro by 3,446.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 152,500 shares of the medical equipment provider’s stock valued at $1,284,000 after buying an additional 148,200 shares during the period. Finally, Acadian Asset Management LLC lifted its holdings in shares of Nevro by 154.1% in the 2nd quarter. Acadian Asset Management LLC now owns 241,186 shares of the medical equipment provider’s stock valued at $2,029,000 after buying an additional 146,276 shares during the period. 95.52% of the stock is owned by institutional investors and hedge funds.

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.