Nevro Corp. (NYSE:NVRO) Receives Average Rating of “Reduce” from Brokerages

Nevro Corp. (NYSE:NVRO) has earned a consensus rating of “Reduce” from the thirteen analysts that are covering the firm, MarketBeat reports. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $19.46.

Several analysts have issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Nevro from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 8th. Citigroup lowered shares of Nevro from a “neutral” rating to a “sell” rating and decreased their target price for the company from $13.50 to $9.00 in a research report on Wednesday, May 22nd. Mizuho decreased their target price on shares of Nevro from $20.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, April 11th. Royal Bank of Canada decreased their target price on shares of Nevro from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research report on Monday, April 15th. Finally, Canaccord Genuity Group decreased their target price on shares of Nevro from $17.00 to $11.00 and set a “hold” rating on the stock in a research report on Wednesday, May 8th.

Hedge Funds Weigh In On Nevro

A number of institutional investors have recently modified their holdings of the stock. Armistice Capital LLC raised its stake in shares of Nevro by 46.7% in the third quarter. Armistice Capital LLC now owns 3,456,000 shares of the medical equipment provider’s stock worth $66,424,000 after acquiring an additional 1,100,000 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Nevro by 69.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,048,026 shares of the medical equipment provider’s stock worth $22,554,000 after acquiring an additional 431,136 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Nevro by 0.4% in the fourth quarter. Principal Financial Group Inc. now owns 720,529 shares of the medical equipment provider’s stock worth $15,506,000 after acquiring an additional 3,086 shares during the last quarter. Federated Hermes Inc. raised its stake in shares of Nevro by 380.1% in the fourth quarter. Federated Hermes Inc. now owns 431,153 shares of the medical equipment provider’s stock worth $9,278,000 after acquiring an additional 341,343 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Nevro in the fourth quarter worth about $8,498,000. 95.52% of the stock is owned by institutional investors.

Nevro Price Performance

NYSE:NVRO opened at $8.34 on Wednesday. Nevro has a 1 year low of $7.85 and a 1 year high of $26.19. The firm’s fifty day simple moving average is $9.76 and its 200 day simple moving average is $14.11. The company has a current ratio of 7.38, a quick ratio of 5.57 and a debt-to-equity ratio of 0.77.

Nevro (NYSE:NVRO) last posted its quarterly earnings results on Tuesday, May 7th. The medical equipment provider reported ($0.70) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.02) by $0.32. The company had revenue of $101.90 million for the quarter, compared to analyst estimates of $97.90 million. Nevro had a negative net margin of 19.17% and a negative return on equity of 27.48%. The business’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period last year, the business posted ($0.98) EPS. As a group, sell-side analysts expect that Nevro will post -2.12 earnings per share for the current fiscal year.

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.