Nevro (NYSE:NVRO) Cut to “Underweight” at Wells Fargo & Company

Wells Fargo & Company lowered shares of Nevro (NYSE:NVRO) from an equal weight rating to an underweight rating in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports. Wells Fargo & Company currently has $5.50 price objective on the medical equipment provider’s stock, down from their prior price objective of $13.00.

A number of other research analysts have also weighed in on the stock. Truist Financial reduced their price objective on shares of Nevro from $11.00 to $10.00 and set a hold rating for the company in a research note on Tuesday, July 16th. Canaccord Genuity Group reduced their price target on Nevro from $17.00 to $11.00 and set a hold rating for the company in a research report on Wednesday, May 8th. Mizuho decreased their price objective on Nevro from $20.00 to $16.00 and set a neutral rating on the stock in a research note on Thursday, April 11th. Royal Bank of Canada cut their target price on Nevro from $18.00 to $16.00 and set a sector perform rating for the company in a research note on Monday, April 15th. Finally, Citigroup reduced their target price on Nevro from $9.00 to $8.20 and set a sell rating for the company in a report on Wednesday, July 10th. 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, the company has a consensus rating of Hold and an average target price of $10.63.

Nevro Stock Performance

Shares of NYSE NVRO traded up $0.34 during trading on Wednesday, reaching $6.01. 1,729,642 shares of the stock traded hands, compared to its average volume of 567,455. The company has a 50-day moving average of $8.82 and a 200-day moving average of $11.96. Nevro has a 52-week low of $4.38 and a 52-week high of $22.64. The stock has a market capitalization of $220.74 million, a P/E ratio of -2.62 and a beta of 0.91. The company has a debt-to-equity ratio of 0.77, a current ratio of 7.38 and a quick ratio of 5.57.

Nevro (NYSE:NVRO) last released its quarterly earnings data on Tuesday, August 6th. The medical equipment provider reported ($0.53) EPS for the quarter, beating the consensus estimate of ($0.63) by $0.10. The business had revenue of $104.16 million for the quarter, compared to the consensus estimate of $107.11 million. Nevro had a negative net margin of 19.17% and a negative return on equity of 27.48%. The company’s revenue was down 4.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.69) earnings per share. Analysts forecast that Nevro will post -2.14 EPS for the current fiscal year.

Institutional Trading of Nevro

Institutional investors and hedge funds have recently made changes to their positions in the stock. Federated Hermes Inc. increased its stake in Nevro by 380.1% in the fourth quarter. Federated Hermes Inc. now owns 431,153 shares of the medical equipment provider’s stock valued at $9,278,000 after acquiring an additional 341,343 shares during the last quarter. Norges Bank bought a new stake in Nevro during the fourth quarter worth about $8,498,000. Goldman Sachs Group Inc. boosted its holdings in shares of Nevro by 69.9% in 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 purchasing an additional 431,136 shares in the last quarter. Nomura Holdings Inc. increased its position in shares of Nevro by 28.1% during the 4th quarter. Nomura Holdings Inc. now owns 59,250 shares of the medical equipment provider’s stock valued at $1,275,000 after purchasing an additional 13,000 shares during the last quarter. Finally, Jump Financial LLC purchased a new position in shares of Nevro during the 4th quarter valued at about $893,000. 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.