Nevro (NYSE:NVRO) Stock Passes Below Fifty Day Moving Average of $10.60

Shares of Nevro Corp. (NYSE:NVRO) passed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $10.60 and traded as low as $8.62. Nevro shares last traded at $8.81, with a volume of 687,739 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Mizuho dropped their price target on Nevro from $20.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, April 11th. Canaccord Genuity Group lowered their price target on shares of Nevro from $17.00 to $11.00 and set a “hold” rating for the company in a research report on Wednesday, May 8th. Citigroup lowered shares of Nevro from a “neutral” rating to a “sell” rating and lowered their target price for the company from $13.50 to $9.00 in a report on Wednesday, May 22nd. StockNews.com upgraded Nevro from a “sell” rating to a “hold” rating in a research note on Friday, March 1st. Finally, Royal Bank of Canada lowered their price objective on Nevro from $18.00 to $16.00 and set a “sector perform” rating for the company in a research note on Monday, April 15th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $19.46.

Nevro Price Performance

The company has a debt-to-equity ratio of 0.77, a quick ratio of 5.57 and a current ratio of 7.38. The company has a market cap of $314.41 million, a P/E ratio of -3.74 and a beta of 0.95. The firm’s fifty day moving average is $10.42 and its two-hundred day moving average is $14.84.

Nevro (NYSE:NVRO) last announced its quarterly earnings data on Tuesday, May 7th. The medical equipment provider reported ($0.70) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.02) by $0.32. Nevro had a negative net margin of 19.17% and a negative return on equity of 27.48%. The business had revenue of $101.90 million during the quarter, compared to analyst estimates of $97.90 million. During the same period last year, the firm posted ($0.98) EPS. The company’s revenue was up 5.8% on a year-over-year basis. As a group, analysts anticipate that Nevro Corp. will post -2.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nevro

A number of institutional investors and hedge funds have recently modified their holdings of NVRO. Armistice Capital LLC boosted its position in Nevro by 46.7% in the 3rd quarter. Armistice Capital LLC now owns 3,456,000 shares of the medical equipment provider’s stock valued at $66,424,000 after buying an additional 1,100,000 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Nevro by 69.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,048,026 shares of the medical equipment provider’s stock worth $22,554,000 after buying an additional 431,136 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Nevro by 0.4% in the fourth quarter. Principal Financial Group Inc. now owns 720,529 shares of the medical equipment provider’s stock valued at $15,506,000 after acquiring an additional 3,086 shares in the last quarter. Federated Hermes Inc. lifted its stake in Nevro by 380.1% in the fourth quarter. Federated Hermes Inc. now owns 431,153 shares of the medical equipment provider’s stock worth $9,278,000 after acquiring an additional 341,343 shares during the period. Finally, Norges Bank bought a new position in shares of Nevro during the fourth quarter valued at approximately $8,498,000. 95.52% of the stock is owned by 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.