Short Interest in Nevro Corp. (NYSE:NVRO) Declines By 16.6%

Nevro Corp. (NYSE:NVRO) was the recipient of a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 2,620,000 shares, a decline of 16.6% from the October 31st total of 3,140,000 shares. Based on an average daily trading volume, of 550,000 shares, the days-to-cover ratio is presently 4.8 days.

Nevro Price Performance

Shares of NYSE:NVRO opened at $4.60 on Friday. Nevro has a 12 month low of $3.95 and a 12 month high of $22.64. The firm has a market capitalization of $172.36 million, a P/E ratio of -2.43 and a beta of 0.93. The company has a debt-to-equity ratio of 0.67, a current ratio of 5.02 and a quick ratio of 3.76. The company’s fifty day moving average price is $4.97 and its 200 day moving average price is $6.91.

Nevro (NYSE:NVRO) last posted its earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share for the quarter, beating the consensus estimate of ($0.81) by $0.40. The business had revenue of $96.60 million during the quarter, compared to the consensus estimate of $93.09 million. Nevro had a negative return on equity of 23.52% and a negative net margin of 16.54%. The business’s quarterly revenue was down 7.0% on a year-over-year basis. During the same period in the previous year, the business earned ($0.65) EPS. As a group, sell-side analysts predict that Nevro will post -2.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nevro

A number of hedge funds have recently modified their holdings of NVRO. Nisa Investment Advisors LLC lifted its position in Nevro by 1,788.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 6,932 shares of the medical equipment provider’s stock worth $58,000 after acquiring an additional 6,565 shares during the period. Virtu Financial LLC acquired a new stake in shares of Nevro during the third quarter worth $63,000. Intech Investment Management LLC acquired a new position in Nevro in the 3rd quarter valued at $69,000. SG Americas Securities LLC purchased a new position in Nevro during the 3rd quarter worth $71,000. Finally, Quantbot Technologies LP raised its holdings in Nevro by 1,290.4% during the third quarter. Quantbot Technologies LP now owns 14,418 shares of the medical equipment provider’s stock worth $81,000 after purchasing an additional 13,381 shares in the last quarter. 95.52% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on NVRO shares. Canaccord Genuity Group reduced their price target on shares of Nevro from $8.00 to $7.00 and set a “hold” rating on the stock in a research report on Tuesday, November 12th. Wolfe Research raised shares of Nevro from an “underperform” rating to a “peer perform” rating in a research report on Thursday, August 8th. Piper Sandler lowered their target price on Nevro from $7.00 to $6.00 and set an “underweight” rating for the company in a research note on Tuesday, November 12th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $7.00 price target on shares of Nevro in a research report on Tuesday, November 12th. Finally, Wells Fargo & Company downgraded shares of Nevro from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $13.00 to $5.50 in a research note on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating and twelve have issued a hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $9.10.

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.