Engaged Capital LLC Buys 557,000 Shares of Nevro Corp. (NYSE:NVRO)

Engaged Capital LLC grew its position in Nevro Corp. (NYSE:NVRO) by 29.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,442,956 shares of the medical equipment provider’s stock after purchasing an additional 557,000 shares during the quarter. Nevro makes up 2.2% of Engaged Capital LLC’s investment portfolio, making the stock its 9th largest position. Engaged Capital LLC owned approximately 0.07% of Nevro worth $13,656,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Board of Administration of Florida Retirement System boosted its stake in Nevro by 14.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 11,578 shares of the medical equipment provider’s stock valued at $167,000 after acquiring an additional 1,430 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Nevro by 18.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 45,016 shares of the medical equipment provider’s stock valued at $651,000 after buying an additional 7,004 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of 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 acquiring an additional 605,134 shares during the period. Nisa Investment Advisors LLC grew its position in shares of Nevro by 1,788.8% during the second quarter. Nisa Investment Advisors LLC now owns 6,932 shares of the medical equipment provider’s stock worth $58,000 after acquiring an additional 6,565 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Nevro by 7.3% during the second quarter. Bank of New York Mellon Corp now owns 127,866 shares of the medical equipment provider’s stock worth $1,077,000 after acquiring an additional 8,673 shares during the last quarter. 95.52% of the stock is owned by institutional investors and hedge funds.

Nevro Trading Up 6.0 %

Shares of NVRO stock opened at $4.58 on Friday. The business’s fifty day moving average price is $5.00 and its 200 day moving average price is $6.95. The company has a quick ratio of 3.76, a current ratio of 5.02 and a debt-to-equity ratio of 0.67. Nevro Corp. has a 1-year low of $3.95 and a 1-year high of $22.64.

Nevro (NYSE:NVRO) last posted its quarterly earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.40. Nevro had a negative net margin of 16.54% and a negative return on equity of 23.52%. The business had revenue of $96.60 million for the quarter, compared to analysts’ expectations of $93.09 million. During the same period in the prior year, the company posted ($0.65) EPS. The business’s revenue for the quarter was down 7.0% on a year-over-year basis. On average, sell-side analysts anticipate that Nevro Corp. will post -2.43 earnings per share for the current fiscal year.

Analyst Ratings Changes

NVRO has been the subject of several research reports. Robert W. Baird upped their price target on shares of Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Tuesday, November 12th. Citigroup reduced their target price on shares of Nevro from $6.89 to $6.00 and set a “neutral” rating for the company in a report on Tuesday, October 1st. Piper Sandler lowered 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. Wolfe Research raised Nevro from an “underperform” rating to a “peer perform” rating in a research note on Thursday, August 8th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $7.00 target price on shares of Nevro in a research note on Tuesday, November 12th. Three analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target 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.