Nevro (NVRO) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Nevro (NYSE:NVRO) from a buy rating to a hold rating in a research note issued to investors on Thursday.

According to Zacks, “Nevro Corp. is a medical device company. It engages in developing and commercializing a neuromodulation platform for the treatment of chronic pain. The Company provides pain relief to the customers suffering from low back pain and types of chronic pains. Nevro has developed and commercialized the Senza (R) spinal cord stimulation (SCS) system for the treatment of chronic pain. Senza, HF10, Nevro and the Nevro logo are trademarks of the company. Nevro Corp. is headquartered in Menlo Park, California. “

Several other equities research analysts have also commented on the stock. Morgan Stanley reduced their price target on shares of Nevro from $43.00 to $38.00 and set an underweight rating for the company in a research report on Wednesday, January 2nd. UBS Group began coverage on shares of Nevro in a research report on Tuesday, November 27th. They set a sell rating and a $35.00 price target for the company. Bank of America lowered shares of Nevro from a buy rating to a neutral rating in a research report on Wednesday, November 7th. BMO Capital Markets reduced their price target on shares of Nevro from $76.00 to $60.00 and set an outperform rating for the company in a research report on Tuesday, November 6th. They noted that the move was a valuation call. Finally, Canaccord Genuity reduced their price target on shares of Nevro from $80.00 to $63.00 and set an in-line rating for the company in a research report on Tuesday, November 6th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. Nevro currently has an average rating of Hold and an average price target of $58.00.

Shares of NYSE:NVRO opened at $39.33 on Thursday. Nevro has a fifty-two week low of $34.75 and a fifty-two week high of $94.34. The company has a quick ratio of 6.31, a current ratio of 8.05 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of -31.46 and a beta of -0.12.

Nevro (NYSE:NVRO) last issued its earnings results on Monday, November 5th. The medical equipment provider reported ($0.37) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.30) by ($0.07). Nevro had a negative return on equity of 17.89% and a negative net margin of 11.64%. The business had revenue of $95.60 million during the quarter, compared to analysts’ expectations of $94.29 million. During the same period last year, the firm posted ($0.21) EPS. Nevro’s quarterly revenue was up 16.2% compared to the same quarter last year. Sell-side analysts forecast that Nevro will post -1.49 earnings per share for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of NVRO. First Trust Advisors LP boosted its position in shares of Nevro by 572.4% during the 2nd quarter. First Trust Advisors LP now owns 22,211 shares of the medical equipment provider’s stock valued at $1,774,000 after acquiring an additional 18,908 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position in Nevro by 6.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 147,299 shares of the medical equipment provider’s stock worth $11,762,000 after buying an additional 9,173 shares during the last quarter. BlackRock Inc. lifted its position in Nevro by 9.9% in the second quarter. BlackRock Inc. now owns 2,947,118 shares of the medical equipment provider’s stock worth $235,328,000 after buying an additional 265,361 shares during the last quarter. FMR LLC lifted its position in Nevro by 48.7% in the second quarter. FMR LLC now owns 583,000 shares of the medical equipment provider’s stock worth $46,553,000 after buying an additional 191,000 shares during the last quarter. Finally, Macquarie Group Ltd. lifted its position in Nevro by 21.4% in the second quarter. Macquarie Group Ltd. now owns 36,548 shares of the medical equipment provider’s stock worth $2,918,000 after buying an additional 6,437 shares during the last quarter.

About Nevro

Nevro Corp., a medical device company, provides products for the 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.

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