Wells Fargo & Company Begins Coverage on Nevro (NYSE:NVRO)

Research analysts at Wells Fargo & Company began coverage on shares of Nevro (NYSE:NVRO) in a research report issued on Tuesday,Briefing.com Automated Import reports. The brokerage set an “equal weight” rating and a $5.00 price target on the medical equipment provider’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 16.69% from the stock’s previous close.

Several other analysts also recently issued reports on NVRO. Citigroup reduced their price target on shares of Nevro from $6.89 to $6.00 and set a “neutral” rating for the company in a research report on Tuesday, October 1st. Wolfe Research upgraded shares of Nevro from an “underperform” rating to a “peer perform” rating in a research report on Thursday, August 8th. Truist Financial reduced their price objective on Nevro from $10.00 to $5.50 and set a “hold” rating for the company in a research note on Thursday, August 8th. StockNews.com upgraded shares of Nevro from a “sell” rating to a “hold” rating in a report on Tuesday, November 19th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $7.00 price target 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 issued a hold rating to the stock. According to data from MarketBeat, Nevro presently has a consensus rating of “Hold” and a consensus price target of $8.55.

Nevro Trading Down 6.8 %

Shares of NYSE:NVRO opened at $4.29 on Tuesday. The company has a current ratio of 5.02, a quick ratio of 3.76 and a debt-to-equity ratio of 0.67. The business has a 50 day moving average of $4.94 and a two-hundred day moving average of $6.82. The company has a market capitalization of $160.56 million, a PE ratio of -2.27 and a beta of 0.84. Nevro has a 12-month low of $3.95 and a 12-month high of $22.64.

Nevro (NYSE:NVRO) last posted its earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share for the quarter, beating 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 quarter in the previous year, the firm posted ($0.65) earnings per share. The firm’s revenue for the quarter was down 7.0% on a year-over-year basis. As a group, analysts forecast that Nevro will post -2.43 EPS for the current year.

Hedge Funds Weigh In On Nevro

Institutional investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. lifted its stake in Nevro by 490.7% during the second quarter. Assenagon Asset Management S.A. now owns 728,463 shares of the medical equipment provider’s stock worth $6,134,000 after purchasing an additional 605,134 shares during the last quarter. Point72 Asset Management L.P. raised its stake in Nevro by 3,446.5% during the second quarter. Point72 Asset Management L.P. now owns 152,500 shares of the medical equipment provider’s stock valued at $1,284,000 after purchasing an additional 148,200 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in Nevro by 154.1% during the 2nd quarter. Acadian Asset Management LLC now owns 241,186 shares of the medical equipment provider’s stock valued at $2,029,000 after buying an additional 146,276 shares in the last quarter. Millennium Management LLC lifted its position in Nevro by 21.4% during the second quarter. Millennium Management LLC now owns 956,542 shares of the medical equipment provider’s stock valued at $8,054,000 after acquiring an additional 168,573 shares during the last quarter. Finally, Engaged Capital LLC lifted its position in Nevro by 29.5% during the third quarter. Engaged Capital LLC now owns 2,442,956 shares of the medical equipment provider’s stock valued at $13,656,000 after purchasing an additional 557,000 shares during the period. Institutional investors and hedge funds own 95.52% of the company’s stock.

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.