Nevro (NYSE:NVRO) Cut to Underweight at Morgan Stanley

Nevro (NYSE:NVRO) was downgraded by analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research note issued on Monday, Marketbeat reports. They currently have a $4.00 target price on the medical equipment provider’s stock, down from their previous target price of $9.00. Morgan Stanley’s target price indicates a potential downside of 13.04% from the company’s current price.

A number of other equities research analysts have also recently issued reports on NVRO. Citigroup dropped their price target on shares of Nevro from $6.89 to $6.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 1st. Canaccord Genuity Group dropped their target price 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. Wells Fargo & Company downgraded shares of Nevro from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $13.00 to $5.50 in a research report on Wednesday, August 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $7.00 price objective on shares of Nevro in a report on Tuesday, November 12th. Finally, StockNews.com raised Nevro from a “sell” rating to a “hold” rating in a report on Tuesday, November 19th. Four analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. Based on data from MarketBeat, Nevro currently has an average rating of “Hold” and a consensus target price of $8.60.

Nevro Trading Up 0.4 %

Shares of Nevro stock opened at $4.60 on Monday. Nevro has a fifty-two week low of $3.95 and a fifty-two week high of $22.64. The company has a debt-to-equity ratio of 0.67, a quick ratio of 3.76 and a current ratio of 5.02. The company has a market cap of $172.36 million, a P/E ratio of -2.43 and a beta of 0.93. The firm has a 50-day simple moving average of $4.97 and a two-hundred day simple moving average of $6.86.

Nevro (NYSE:NVRO) last issued its quarterly earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.40. The company had revenue of $96.60 million for 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%. Nevro’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.65) earnings per share. As a group, equities analysts predict that Nevro will post -2.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nevro

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC purchased a new position in shares of Nevro during the 3rd quarter worth $63,000. M&T Bank Corp grew its holdings in shares of Nevro by 54.0% in the third quarter. M&T Bank Corp now owns 78,954 shares of the medical equipment provider’s stock valued at $442,000 after purchasing an additional 27,681 shares during the period. Public Employees Retirement System of Ohio increased its position in Nevro by 2,310.0% during the third quarter. Public Employees Retirement System of Ohio now owns 72,300 shares of the medical equipment provider’s stock worth $404,000 after purchasing an additional 69,300 shares during the last quarter. Western Standard LLC purchased a new position in Nevro during the third quarter worth about $5,473,000. Finally, Jacobs Levy Equity Management Inc. raised its stake in Nevro by 50.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 732,717 shares of the medical equipment provider’s stock worth $4,096,000 after purchasing an additional 246,979 shares during the period. Institutional investors and hedge funds own 95.52% of the company’s stock.

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.