Nevro (NYSE:NVRO) Shares Cross Below 50-Day Moving Average of $7.62

Shares of Nevro Corp. (NYSE:NVRO) passed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $7.62 and traded as low as $5.04. Nevro shares last traded at $5.28, with a volume of 403,691 shares changing hands.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wolfe Research raised shares of Nevro from an “underperform” rating to a “peer perform” rating in a report on Thursday, August 8th. StockNews.com lowered shares of Nevro from a “hold” rating to a “sell” rating in a research report on Wednesday, August 21st. JPMorgan Chase & Co. cut Nevro from a “neutral” rating to an “underweight” rating in a research report on Wednesday, August 7th. Truist Financial reduced their price target on shares of Nevro from $10.00 to $5.50 and set a “hold” rating on the stock in a report on Thursday, August 8th. Finally, Royal Bank of Canada reduced their price objective on Nevro from $16.00 to $7.00 and set a “sector perform” rating on the stock in a research note on Wednesday, August 7th. Four investment analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to MarketBeat, Nevro currently has a consensus rating of “Hold” and an average price target of $10.63.

Nevro Stock Down 1.9 %

The firm has a market capitalization of $190.26 million, a PE ratio of -2.26 and a beta of 0.91. The company has a quick ratio of 3.53, a current ratio of 4.77 and a debt-to-equity ratio of 0.66. The firm’s 50 day moving average price is $7.50 and its two-hundred day moving average price is $10.35.

Nevro (NYSE:NVRO) last announced its quarterly earnings data on Tuesday, August 6th. The medical equipment provider reported ($0.53) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.63) by $0.10. Nevro had a negative return on equity of 24.89% and a negative net margin of 18.17%. The firm had revenue of $104.16 million for the quarter, compared to analysts’ expectations of $107.11 million. During the same period last year, the business posted ($0.69) earnings per share. The firm’s revenue for the quarter was down 4.3% on a year-over-year basis. As a group, research analysts forecast that Nevro Corp. will post -2.62 EPS for the current fiscal year.

Institutional Trading of Nevro

Several institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. lifted its position in Nevro by 3,446.5% in the second 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 during the period. Algert Global LLC boosted its position in Nevro by 57.3% in the 2nd quarter. Algert Global LLC now owns 216,572 shares of the medical equipment provider’s stock valued at $1,824,000 after buying an additional 78,895 shares during the last quarter. Susquehanna Fundamental Investments LLC raised its holdings in Nevro by 18.4% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 118,574 shares of the medical equipment provider’s stock worth $998,000 after purchasing an additional 18,458 shares during the last quarter. Millennium Management LLC lifted its holdings in Nevro by 21.4% in the second 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 period. Finally, AQR Capital Management LLC bought a new position in shares of Nevro in the 2nd quarter worth $470,000. 95.52% of the stock is currently owned by institutional investors and hedge funds.

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.