Fred Alger Management LLC lowered its position in shares of Nevro Corp. (NYSE:NVRO – Free Report) by 7.5% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,928,144 shares of the medical equipment provider’s stock after selling 155,543 shares during the quarter. Fred Alger Management LLC owned about 5.25% of Nevro worth $16,235,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of NVRO. Charles Schwab Investment Management Inc. raised its position in shares of Nevro by 1.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 280,528 shares of the medical equipment provider’s stock valued at $6,037,000 after buying an additional 3,860 shares in the last quarter. Norges Bank bought a new stake in shares of Nevro during the 4th quarter valued at $8,498,000. Assetmark Inc. grew its holdings in shares of Nevro by 30.4% during the 4th quarter. Assetmark Inc. now owns 3,131 shares of the medical equipment provider’s stock worth $67,000 after purchasing an additional 730 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Nevro by 69.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,048,026 shares of the medical equipment provider’s stock worth $22,554,000 after purchasing an additional 431,136 shares during the period. Finally, Nomura Holdings Inc. raised its stake in Nevro by 28.1% in the fourth quarter. Nomura Holdings Inc. now owns 59,250 shares of the medical equipment provider’s stock valued at $1,275,000 after purchasing an additional 13,000 shares in the last quarter. Institutional investors and hedge funds own 95.52% of the company’s stock.
Nevro Price Performance
Nevro stock opened at $5.40 on Thursday. The company has a market capitalization of $201.31 million, a PE ratio of -2.36 and a beta of 0.94. The company has a current ratio of 4.77, a quick ratio of 3.53 and a debt-to-equity ratio of 0.66. The stock has a 50-day moving average price of $6.64 and a two-hundred day moving average price of $9.43. Nevro Corp. has a 12 month low of $4.38 and a 12 month high of $22.64.
Nevro (NYSE:NVRO – Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The medical equipment provider reported ($0.53) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.10. Nevro had a negative net margin of 18.17% and a negative return on equity of 24.89%. The business had revenue of $104.16 million during the quarter, compared to analyst estimates of $107.11 million. During the same quarter last year, the business earned ($0.69) EPS. The firm’s quarterly revenue was down 4.3% on a year-over-year basis. Analysts expect that Nevro Corp. will post -2.6 EPS for the current year.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on NVRO. Robert W. Baird reduced their price objective on shares of Nevro from $11.00 to $8.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Wells Fargo & Company lowered shares of Nevro from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $13.00 to $5.50 in a research report on Wednesday, August 7th. JPMorgan Chase & Co. downgraded shares of Nevro from a “neutral” rating to an “underweight” rating in a research report on Wednesday, August 7th. Piper Sandler reduced their target price on Nevro from $12.00 to $7.00 and set an “underweight” rating on the stock in a report on Wednesday, August 7th. Finally, Truist Financial lowered their price target on Nevro from $10.00 to $5.50 and set a “hold” rating for the company in a report on Thursday, August 8th. Four analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $10.63.
Check Out Our Latest Analysis on Nevro
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.
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