Western Standard LLC Takes $5.47 Million Position in Nevro Corp. (NYSE:NVRO)

Western Standard LLC purchased a new stake in shares of Nevro Corp. (NYSE:NVRO) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 978,981 shares of the medical equipment provider’s stock, valued at approximately $5,473,000. Nevro accounts for about 5.1% of Western Standard LLC’s portfolio, making the stock its 5th biggest holding. Western Standard LLC owned about 2.61% of Nevro at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in NVRO. ArrowMark Colorado Holdings LLC boosted its position in shares of Nevro by 2.4% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 4,391,258 shares of the medical equipment provider’s stock worth $24,547,000 after purchasing an additional 102,150 shares during the last quarter. Armistice Capital LLC increased its stake in shares of Nevro by 1.3% in the 2nd quarter. Armistice Capital LLC now owns 3,672,000 shares of the medical equipment provider’s stock valued at $30,918,000 after acquiring an additional 48,000 shares during the last quarter. Engaged Capital LLC boosted its stake in Nevro by 29.5% during the 3rd quarter. Engaged Capital LLC now owns 2,442,956 shares of the medical equipment provider’s stock worth $13,656,000 after acquiring an additional 557,000 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Nevro by 130.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,000,000 shares of the medical equipment provider’s stock valued at $5,590,000 after purchasing an additional 566,462 shares during the period. Finally, Millennium Management LLC increased its stake 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 purchasing an additional 168,573 shares in the last quarter. Institutional investors own 95.52% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on NVRO shares. StockNews.com upgraded shares of Nevro from a “sell” rating to a “hold” rating in a research report on Tuesday, November 19th. Royal Bank of Canada restated a “sector perform” rating and set a $7.00 target price on shares of Nevro in a report on Tuesday, November 12th. Wolfe Research raised shares of Nevro from an “underperform” rating to a “peer perform” rating in a research report on Thursday, August 8th. Wells Fargo & Company initiated coverage on shares of Nevro in a research note on Tuesday. They issued an “equal weight” rating and a $5.00 target price for the company. Finally, Piper Sandler reduced their price objective on Nevro from $7.00 to $6.00 and set an “underweight” rating for the company in a research report on Tuesday, November 12th. Three analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. Based on data from MarketBeat.com, Nevro has an average rating of “Hold” and an average price target of $8.55.

Nevro Trading Down 1.7 %

Nevro stock opened at $4.07 on Friday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 3.76 and a current ratio of 5.02. The stock has a 50-day simple moving average of $4.86 and a 200 day simple moving average of $6.73. The stock has a market capitalization of $152.50 million, a P/E ratio of -2.15 and a beta of 0.84. Nevro Corp. has a 52 week low of $3.95 and a 52 week high of $22.64.

Nevro (NYSE:NVRO) last issued its quarterly earnings data on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $96.60 million for the quarter, compared to analyst estimates of $93.09 million. During the same period in the prior year, the firm earned ($0.65) earnings per share. The company’s revenue was down 7.0% on a year-over-year basis. Analysts expect that Nevro Corp. will post -2.43 earnings per share for the current year.

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.