Nevro (NYSE:NVRO) Downgraded to “Market Perform” at JMP Securities

JMP Securities downgraded shares of Nevro (NYSE:NVRO) from an outperform rating to a market perform rating in a research note released on Wednesday morning, MarketBeat Ratings reports.

NVRO has been the topic of a number of other reports. Canaccord Genuity Group cut their price target on Nevro from $17.00 to $11.00 and set a hold rating on the stock in a report on Wednesday, May 8th. Citigroup cut their target price on Nevro from $9.00 to $8.20 and set a sell rating on the stock in a research note on Wednesday, July 10th. Wells Fargo & Company cut shares of Nevro from an equal weight rating to an underweight rating and decreased their target price for the company from $13.00 to $5.50 in a research report on Wednesday. Morgan Stanley lowered their price objective on Nevro from $14.00 to $9.00 and set an equal weight rating for the company in a research report on Monday, July 15th. Finally, Piper Sandler dropped their target price on shares of Nevro from $15.00 to $12.00 and set an underweight rating on the stock in a research report on Wednesday, May 8th. Four research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $10.63.

Nevro Stock Up 6.0 %

NYSE:NVRO opened at $6.01 on Wednesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 7.38 and a quick ratio of 5.57. Nevro has a 1-year low of $4.38 and a 1-year high of $22.64. The company has a 50-day moving average of $8.82 and a 200 day moving average of $11.91. The firm has a market cap of $220.74 million, a PE ratio of -2.62 and a beta of 0.91.

Nevro (NYSE:NVRO) last announced its quarterly 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. The firm had revenue of $104.16 million during the quarter, compared to analysts’ expectations of $107.11 million. Nevro had a negative net margin of 19.17% and a negative return on equity of 27.48%. The company’s revenue was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.69) EPS. As a group, research analysts anticipate that Nevro will post -2.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC grew 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 purchasing an additional 6,565 shares during the period. Assetmark Inc. boosted its stake in shares of Nevro by 30.4% in the fourth quarter. Assetmark Inc. now owns 3,131 shares of the medical equipment provider’s stock worth $67,000 after buying an additional 730 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of 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 buying an additional 1,430 shares during the last quarter. Oppenheimer Asset Management Inc. grew its holdings in Nevro by 45.3% during the first quarter. Oppenheimer Asset Management Inc. now owns 30,727 shares of the medical equipment provider’s stock worth $444,000 after acquiring an additional 9,586 shares during the period. Finally, Rhumbline Advisers raised its position in Nevro by 5.0% during the second quarter. Rhumbline Advisers now owns 58,995 shares of the medical equipment provider’s stock valued at $497,000 after acquiring an additional 2,836 shares in the last quarter. Hedge funds and other institutional investors own 95.52% of the company’s stock.

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.