Nevro (NYSE:NVRO) Receives “Market Perform” Rating from JMP Securities

JMP Securities restated their market perform rating on shares of Nevro (NYSE:NVRO) in a research note published on Tuesday morning,Benzinga reports.

A number of other brokerages also recently commented on NVRO. Robert W. Baird boosted their price objective on Nevro from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Tuesday. Wells Fargo & Company lowered shares of Nevro from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $13.00 to $5.50 in a report on Wednesday, August 7th. Morgan Stanley lowered their target price on shares of Nevro from $14.00 to $9.00 and set an “equal weight” rating for the company in a research note on Monday, July 15th. Piper Sandler dropped their target price on Nevro from $7.00 to $6.00 and set an “underweight” rating on the stock in a report on Tuesday. Finally, Citigroup decreased their price target on Nevro from $6.89 to $6.00 and set a “neutral” rating for the company in a report on Tuesday, October 1st. Three investment analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $9.10.

Nevro Price Performance

Shares of NVRO stock opened at $4.07 on Tuesday. Nevro has a one year low of $4.00 and a one year high of $22.64. The company has a debt-to-equity ratio of 0.67, a quick ratio of 3.53 and a current ratio of 5.02. The firm’s 50 day moving average price is $5.21 and its 200-day moving average price is $7.42.

Nevro (NYSE:NVRO) last released its quarterly earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) EPS for the quarter, topping the consensus estimate 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 return on equity of 23.52% and a negative net margin of 16.54%. The company’s quarterly revenue was down 7.0% on a year-over-year basis. During the same period last year, the business posted ($0.65) earnings per share. On average, research analysts forecast that Nevro will post -2.46 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. ArrowMark Colorado Holdings LLC boosted its stake in Nevro by 2.4% in the third quarter. ArrowMark Colorado Holdings LLC now owns 4,391,258 shares of the medical equipment provider’s stock valued at $24,547,000 after acquiring an additional 102,150 shares during the period. Armistice Capital LLC boosted its position in Nevro by 1.3% during 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 purchasing an additional 48,000 shares during the period. Engaged Capital LLC grew its stake in Nevro by 29.5% during the 3rd quarter. Engaged Capital LLC now owns 2,442,956 shares of the medical equipment provider’s stock worth $13,656,000 after buying an additional 557,000 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Nevro by 130.7% during the third 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 valued at $5,590,000 after acquiring an additional 566,462 shares during the period. Finally, Millennium Management LLC increased its holdings in shares of Nevro by 21.4% in the 2nd quarter. Millennium Management LLC now owns 956,542 shares of the medical equipment provider’s stock worth $8,054,000 after acquiring an additional 168,573 shares during the period. Hedge funds and other 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.