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

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

NVRO has been the subject of a number of other reports. Wolfe Research upgraded Nevro from an “underperform” rating to a “peer perform” rating in a report on Thursday, August 8th. JMP Securities cut Nevro from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 7th. Robert W. Baird cut their price target on Nevro from $11.00 to $8.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. JPMorgan Chase & Co. downgraded shares of Nevro from a “neutral” rating to an “underweight” rating in a research report on Wednesday, August 7th. Finally, Royal Bank of Canada dropped their target price on shares of Nevro from $16.00 to $7.00 and set a “sector perform” rating on the stock in a research report on Wednesday, August 7th. Four investment analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to MarketBeat.com, Nevro has an average rating of “Hold” and an average price target of $10.55.

Nevro Trading Down 1.2 %

Shares of Nevro stock traded down $0.06 during midday trading on Wednesday, reaching $5.08. The company had a trading volume of 269,535 shares, compared to its average volume of 559,245. The stock has a fifty day moving average price of $5.41 and a 200 day moving average price of $8.49. Nevro has a fifty-two week low of $4.38 and a fifty-two week high of $22.64. The firm has a market cap of $186.58 million, a PE ratio of -2.22 and a beta of 0.94. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.77 and a quick ratio of 3.53.

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 analysts’ consensus estimates of ($0.63) by $0.10. Nevro had a negative net margin of 18.17% and a negative return on equity of 24.89%. The firm had revenue of $104.16 million for the quarter, compared to the consensus estimate of $107.11 million. During the same quarter in the previous year, the company earned ($0.69) EPS. The company’s revenue for the quarter was down 4.3% on a year-over-year basis. On average, equities analysts anticipate that Nevro will post -2.6 earnings per share for the current year.

Hedge Funds Weigh In On Nevro

Hedge funds have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. boosted its holdings in Nevro by 490.7% during 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 acquiring an additional 605,134 shares during the last quarter. Point72 Asset Management L.P. grew its position in Nevro by 3,446.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 152,500 shares of the medical equipment provider’s stock worth $1,284,000 after purchasing an additional 148,200 shares in the last quarter. Acadian Asset Management LLC grew its position in Nevro by 154.1% in the 2nd quarter. Acadian Asset Management LLC now owns 241,186 shares of the medical equipment provider’s stock worth $2,029,000 after purchasing an additional 146,276 shares in the last quarter. Millennium Management LLC increased its stake in Nevro by 21.4% in the 2nd quarter. Millennium Management LLC now owns 956,542 shares of the medical equipment provider’s stock valued at $8,054,000 after buying an additional 168,573 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Nevro by 69.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,048,026 shares of the medical equipment provider’s stock worth $22,554,000 after buying an additional 431,136 shares in the last quarter. Institutional investors and hedge funds 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.