Nevro Corp. (NYSE:NVRO – Get Free Report)’s stock price rose 3.5% during mid-day trading on Monday . The stock traded as high as $15.57 and last traded at $15.57. Approximately 5,909 shares changed hands during trading, a decline of 99% from the average daily volume of 571,953 shares. The stock had previously closed at $15.04.
Analyst Ratings Changes
NVRO has been the topic of several recent analyst reports. Canaccord Genuity Group reduced their target price on Nevro from $68.00 to $57.00 and set a “buy” rating on the stock in a research report on Wednesday, August 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $33.00 target price on shares of Nevro in a research report on Thursday, August 17th. JMP Securities cut their price objective on Nevro from $75.00 to $40.00 and set an “outperform” rating on the stock in a report on Wednesday, August 2nd. Wells Fargo & Company cut their price objective on Nevro from $27.00 to $23.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 2nd. Finally, Oppenheimer cut their price objective on Nevro from $40.00 to $35.00 and set an “outperform” rating on the stock in a report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Nevro presently has a consensus rating of “Hold” and an average target price of $27.50.
Nevro Trading Up 11.1 %
Nevro (NYSE:NVRO – Get Free Report) last issued its quarterly earnings results on Wednesday, November 1st. The medical equipment provider reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.12. The company had revenue of $103.86 million for the quarter, compared to the consensus estimate of $95.87 million. Nevro had a negative return on equity of 33.99% and a negative net margin of 24.22%. Nevro’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.62) earnings per share. On average, research analysts predict that Nevro Corp. will post -2.83 EPS for the current fiscal year.
Hedge Funds Weigh In On Nevro
Hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new position in shares of Nevro in the fourth quarter valued at approximately $50,205,000. Armistice Capital LLC increased its holdings in shares of Nevro by 46.7% in the third quarter. Armistice Capital LLC now owns 3,456,000 shares of the medical equipment provider’s stock valued at $66,424,000 after purchasing an additional 1,100,000 shares during the last quarter. UBS Group AG increased its holdings in shares of Nevro by 19,354.5% in the third quarter. UBS Group AG now owns 903,272 shares of the medical equipment provider’s stock valued at $17,361,000 after purchasing an additional 898,629 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Nevro by 226.7% in the fourth quarter. Millennium Management LLC now owns 920,448 shares of the medical equipment provider’s stock valued at $36,450,000 after purchasing an additional 638,718 shares during the last quarter. Finally, BlackRock Inc. increased its holdings in shares of Nevro by 13.7% in the first quarter. BlackRock Inc. now owns 4,718,980 shares of the medical equipment provider’s stock valued at $341,322,000 after purchasing an additional 568,749 shares during the last quarter. Hedge funds and other institutional investors own 95.52% of the company’s stock.
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 (SCS) system, an evidence-based neuromodulation system for the treatment of chronic pain, as well as Senza II and Senza Omnia SCS systems.
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