Nevro’s (NVRO) Sector Perform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of Nevro (NYSE:NVRO) in a research note released on Tuesday morning,Benzinga reports. Royal Bank of Canada currently has a $7.00 price objective on the medical equipment provider’s stock.

Several other research firms have also recently commented on NVRO. JMP Securities cut shares of Nevro from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 7th. Wells Fargo & Company cut shares of Nevro from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $13.00 to $5.50 in a research report on Wednesday, August 7th. JPMorgan Chase & Co. cut shares of Nevro from a “neutral” rating to an “underweight” rating in a research report on Wednesday, August 7th. Piper Sandler dropped their target price on shares of Nevro from $7.00 to $6.00 and set an “underweight” rating for the company in a research report on Tuesday. Finally, Morgan Stanley dropped 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 report on Monday, July 15th. Three investment analysts have rated the stock with a sell rating and twelve have given a hold rating to the company. According to data from MarketBeat, Nevro currently has a consensus rating of “Hold” and a consensus price target of $9.10.

Nevro Price Performance

Shares of Nevro stock opened at $4.52 on Tuesday. The firm has a market cap of $169.36 million, a PE ratio of -2.39 and a beta of 0.93. Nevro has a 12-month low of $3.95 and a 12-month high of $22.64. The company has a quick ratio of 3.53, a current ratio of 5.02 and a debt-to-equity ratio of 0.67. The company’s fifty day simple moving average is $5.18 and its two-hundred day simple moving average is $7.39.

Nevro (NYSE:NVRO) last announced its quarterly earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share (EPS) 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 analyst estimates of $93.09 million. During the same quarter last year, the firm earned ($0.65) EPS. The company’s revenue was down 7.0% on a year-over-year basis. As a group, equities analysts expect that Nevro will post -2.46 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC raised its holdings in Nevro by 1,788.8% in the second quarter. Nisa Investment Advisors LLC now owns 6,932 shares of the medical equipment provider’s stock worth $58,000 after buying an additional 6,565 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in Nevro by 345.8% in the second quarter. Canada Pension Plan Investment Board now owns 10,700 shares of the medical equipment provider’s stock worth $90,000 after buying an additional 8,300 shares during the last quarter. State Board of Administration of Florida Retirement System raised its holdings 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 worth $167,000 after buying an additional 1,430 shares during the last quarter. Intech Investment Management LLC purchased a new position in Nevro in the third quarter worth about $69,000. Finally, SG Americas Securities LLC purchased a new position in Nevro in the third quarter worth about $71,000. 95.52% of the stock is owned by hedge funds and other institutional investors.

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.