StockNews.com Downgrades Nevro (NYSE:NVRO) to Sell

Nevro (NYSE:NVRO) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Wednesday.

Other analysts have also issued reports about the company. Truist Financial lowered their target price on Nevro from $10.00 to $5.50 and set a “hold” rating on the stock in a research note on Thursday, August 8th. Royal Bank of Canada lowered their price objective on Nevro from $16.00 to $7.00 and set a “sector perform” rating on the stock in a research note on Wednesday, August 7th. Wolfe Research upgraded shares of Nevro from an “underperform” rating to a “peer perform” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. lowered shares of Nevro from a “neutral” rating to an “underweight” rating in a research report on Wednesday, August 7th. Finally, Robert W. Baird cut their price objective on shares of Nevro from $11.00 to $8.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Four analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $10.55.

Nevro Stock Performance

NYSE NVRO traded down $0.06 during trading hours on Wednesday, reaching $5.08. 269,535 shares of the company were exchanged, compared to its average volume of 559,245. The stock has a market capitalization of $186.58 million, a P/E ratio of -2.22 and a beta of 0.94. The company has a quick ratio of 3.53, a current ratio of 4.77 and a debt-to-equity ratio of 0.66. Nevro has a 1 year low of $4.38 and a 1 year high of $22.64. The business’s 50 day simple moving average is $5.41 and its 200-day simple moving average is $8.49.

Nevro (NYSE:NVRO) last issued its quarterly earnings results on Tuesday, August 6th. The medical equipment provider reported ($0.53) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.63) by $0.10. The company had revenue of $104.16 million during the quarter, compared to analyst estimates of $107.11 million. Nevro had a negative net margin of 18.17% and a negative return on equity of 24.89%. Nevro’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.69) EPS. On average, equities research analysts expect that Nevro will post -2.6 earnings per share for the current year.

Institutional Investors Weigh In On Nevro

Several large investors have recently added to or reduced their stakes in the business. Armistice Capital LLC raised its holdings in shares of Nevro by 1.3% in the 2nd quarter. Armistice Capital LLC now owns 3,672,000 shares of the medical equipment provider’s stock valued at $30,918,000 after acquiring an additional 48,000 shares in the last quarter. Goldman Sachs Group Inc. increased its position 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 purchasing an additional 431,136 shares during the last quarter. Millennium Management LLC increased its position in shares of Nevro by 21.4% in the second quarter. Millennium Management LLC now owns 956,542 shares of the medical equipment provider’s stock worth $8,054,000 after purchasing an additional 168,573 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in Nevro by 490.7% in the second quarter. Assenagon Asset Management S.A. now owns 728,463 shares of the medical equipment provider’s stock valued at $6,134,000 after purchasing an additional 605,134 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in Nevro by 5.0% during the second quarter. Renaissance Technologies LLC now owns 368,100 shares of the medical equipment provider’s stock valued at $3,099,000 after purchasing an additional 17,600 shares during the last quarter. 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.