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

Nevro Corp. (NYSE:NVRO) was the target of a large decrease in short interest during the month of November. As of November 15th, there was short interest totalling 2,620,000 shares, a decrease 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.

Institutional Investors Weigh In On Nevro

A number of hedge funds and other institutional investors have recently bought and sold shares of NVRO. Western Standard LLC bought a new stake in shares of Nevro during the third quarter valued at about $5,473,000. Assenagon Asset Management S.A. grew its stake in Nevro by 490.7% during 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 acquiring an additional 605,134 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Nevro by 130.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,000,000 shares of the medical equipment provider’s stock worth $5,590,000 after acquiring an additional 566,462 shares during the period. Engaged Capital LLC lifted its stake in Nevro by 29.5% in the 3rd quarter. Engaged Capital LLC now owns 2,442,956 shares of the medical equipment provider’s stock worth $13,656,000 after purchasing an additional 557,000 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in Nevro by 50.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 732,717 shares of the medical equipment provider’s stock valued at $4,096,000 after purchasing an additional 246,979 shares during the period. Institutional investors own 95.52% of the company’s stock.

Nevro Stock Performance

NVRO stock opened at $4.60 on Friday. The stock has a fifty day moving average of $4.97 and a 200-day moving average of $6.89. Nevro has a fifty-two week low of $3.95 and a fifty-two week high of $22.64. The company has a current ratio of 5.02, a quick ratio of 3.76 and a debt-to-equity ratio of 0.67.

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, topping the consensus estimate of ($0.81) by $0.40. The firm had revenue of $96.60 million during the quarter, compared to the consensus estimate of $93.09 million. Nevro had a negative net margin of 16.54% and a negative return on equity of 23.52%. The company’s revenue was down 7.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.65) earnings per share. As a group, sell-side analysts forecast that Nevro will post -2.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on NVRO. Citigroup cut their price objective on shares of Nevro from $6.89 to $6.00 and set a “neutral” rating on the stock in a report on Tuesday, October 1st. JMP Securities reaffirmed a “market perform” rating on shares of Nevro in a research report on Tuesday, November 12th. Royal Bank of Canada reissued a “sector perform” rating and set a $7.00 target price on shares of Nevro in a research report on Tuesday, November 12th. JPMorgan Chase & Co. lowered Nevro from a “neutral” rating to an “underweight” rating in a report on Wednesday, August 7th. Finally, Piper Sandler dropped their price target on Nevro from $7.00 to $6.00 and set an “underweight” rating on the stock in a report on Tuesday, November 12th. Three investment analysts have rated the stock with a sell rating and twelve have given a hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $9.10.

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.