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

Morgan Stanley cut shares of Nevro (NYSE:NVRO) from an equal weight rating to an underweight rating in a research note issued to investors on Monday morning, Marketbeat.com reports. They currently have $4.00 price objective on the medical equipment provider’s stock, down from their prior price objective of $9.00.

NVRO has been the subject of several other reports. JMP Securities restated a “market perform” rating on shares of Nevro in a research note on Tuesday, November 12th. StockNews.com upgraded Nevro from a “sell” rating to a “hold” rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. lowered Nevro from a “neutral” rating to an “underweight” rating in a research note on Wednesday, August 7th. Piper Sandler dropped their price objective on shares of Nevro from $7.00 to $6.00 and set an “underweight” rating for the company in a report on Tuesday, November 12th. Finally, Robert W. Baird increased their price objective on shares of Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. Three equities research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $8.55.

Nevro Price Performance

Shares of NVRO opened at $4.14 on Monday. The firm has a market cap of $155.13 million, a PE ratio of -2.19 and a beta of 0.84. The company has a current ratio of 5.02, a quick ratio of 3.76 and a debt-to-equity ratio of 0.67. The firm has a fifty day simple moving average of $4.89 and a two-hundred day simple moving average of $6.75. Nevro has a 1-year low of $3.95 and a 1-year high of $22.64.

Nevro (NYSE:NVRO) last announced its earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.40. The business had revenue of $96.60 million during the quarter, compared to analyst estimates 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 quarterly revenue was down 7.0% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.65) EPS. On average, equities analysts anticipate that Nevro will post -2.43 EPS for the current year.

Institutional Trading of Nevro

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NVRO. Price T Rowe Associates Inc. MD raised its position in Nevro by 18.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 45,016 shares of the medical equipment provider’s stock worth $651,000 after purchasing an additional 7,004 shares during the period. Assenagon Asset Management S.A. raised its position in Nevro by 490.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 728,463 shares of the medical equipment provider’s stock worth $6,134,000 after purchasing an additional 605,134 shares during the period. Nisa Investment Advisors LLC raised its position in Nevro by 1,788.8% in 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. Bank of New York Mellon Corp raised its position in Nevro by 7.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 127,866 shares of the medical equipment provider’s stock worth $1,077,000 after purchasing an additional 8,673 shares during the period. Finally, Rhumbline Advisers raised its position in Nevro by 5.0% in the 2nd quarter. Rhumbline Advisers now owns 58,995 shares of the medical equipment provider’s stock worth $497,000 after purchasing an additional 2,836 shares during the period. 95.52% of the stock is owned by hedge funds and other institutional investors.

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.