Nevro (NYSE:NVRO) Shares Gap Down Following Analyst Downgrade

Shares of Nevro Corp. (NYSE:NVRO – Get Rating) gapped down prior to trading on Thursday after Morgan Stanley lowered their price target on the stock from $55.00 to $54.00. The stock had previously closed at $47.42, but opened at $44.07. Morgan Stanley currently has an equal weight rating on the stock. Nevro shares last traded at $45.50, with a volume of 5,464 shares traded.

A number of other analysts have also commented on the stock. StockNews.com raised shares of Nevro from a “sell” rating to a “hold” rating in a research report on Thursday, July 21st. Citigroup dropped their price target on shares of Nevro from $78.00 to $68.00 in a research report on Tuesday, May 17th. Piper Sandler dropped their price target on shares of Nevro from $64.00 to $45.00 and set a “neutral” rating on the stock in a research report on Thursday. Wells Fargo & Company dropped their price target on shares of Nevro from $90.00 to $86.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, JMP Securities dropped their price target on shares of Nevro from $125.00 to $95.00 and set a “market outperform” rating on the stock in a research report on Thursday, May 26th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $74.82.

Insider Activity

In related news, General Counsel Kashif Rashid acquired 2,250 shares of the company’s stock in a transaction dated Monday, May 9th. The shares were bought at an average cost of $44.50 per share, with a total value of $100,125.00. Following the completion of the transaction, the general counsel now directly owns 53,526 shares of the company’s stock, valued at $2,381,907. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Nevro

Several institutional investors and hedge funds have recently modified their holdings of the business. Quadrant Capital Group LLC grew its stake in shares of Nevro by 79.5% in the fourth quarter. Quadrant Capital Group LLC now owns 368 shares of the medical equipment provider’s stock valued at $30,000 after acquiring an additional 163 shares in the last quarter. CWM LLC grew its stake in shares of Nevro by 29.6% in the first quarter. CWM LLC now owns 757 shares of the medical equipment provider’s stock valued at $55,000 after acquiring an additional 173 shares in the last quarter. FourThought Financial LLC grew its stake in shares of Nevro by 49.1% in the first quarter. FourThought Financial LLC now owns 683 shares of the medical equipment provider’s stock valued at $49,000 after acquiring an additional 225 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Nevro by 27.2% in the second quarter. Nisa Investment Advisors LLC now owns 1,170 shares of the medical equipment provider’s stock valued at $51,000 after acquiring an additional 250 shares in the last quarter. Finally, Strs Ohio grew its stake in shares of Nevro by 6.3% in the second quarter. Strs Ohio now owns 5,100 shares of the medical equipment provider’s stock valued at $223,000 after acquiring an additional 300 shares in the last quarter.

Nevro Price Performance

The company has a quick ratio of 5.68, a current ratio of 6.97 and a debt-to-equity ratio of 0.77. The company’s 50 day moving average is $44.92 and its 200 day moving average is $58.48. The firm has a market capitalization of $1.60 billion, a price-to-earnings ratio of -11.66 and a beta of 0.96.

Nevro (NYSE:NVRO – Get Rating) last announced its quarterly earnings data on Wednesday, May 4th. The medical equipment provider reported ($0.98) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.11) by $0.13. The firm had revenue of $87.40 million for the quarter, compared to the consensus estimate of $86.19 million. Nevro had a negative net margin of 35.25% and a negative return on equity of 38.02%. The business’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same period in the prior year, the company posted ($0.85) earnings per share. On average, equities research analysts anticipate that Nevro Corp. will post -2.9 earnings per share for the current fiscal year.

Nevro Company Profile

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Nevro Corp., a medical device company, provides products for patients suffering from chronic pain in the United States and internationally. The company develops and commercializes the Senza spinal cord stimulation system, an evidence-based neuromodulation platform for the treatment of chronic pain, as well as Senza II and Senza Omnia systems.