JPMorgan Chase & Co. Downgrades Nevro (NYSE:NVRO) to Underweight

JPMorgan Chase & Co. downgraded shares of Nevro (NYSE:NVRO) from a neutral rating to an underweight rating in a research note released on Wednesday, Marketbeat.com reports.

NVRO has been the topic of several other research reports. Royal Bank of Canada lowered their price objective on shares of Nevro from $18.00 to $16.00 and set a sector perform rating on the stock in a research report on Monday, April 15th. Truist Financial lowered their price target on shares of Nevro from $11.00 to $10.00 and set a hold rating on the stock in a report on Tuesday, July 16th. Mizuho reduced their price objective on Nevro from $20.00 to $16.00 and set a neutral rating for the company in a report on Thursday, April 11th. Citigroup decreased their target price on Nevro from $9.00 to $8.20 and set a sell rating for the company in a research report on Wednesday, July 10th. Finally, Morgan Stanley dropped their price target on Nevro from $14.00 to $9.00 and set an equal weight rating on the stock in a research report on Monday, July 15th. Four analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $10.63.

Nevro Price Performance

Shares of NYSE NVRO opened at $6.01 on Wednesday. The company has a market capitalization of $220.74 million, a PE ratio of -2.62 and a beta of 0.91. The company has a quick ratio of 5.57, a current ratio of 7.38 and a debt-to-equity ratio of 0.77. The stock’s 50 day moving average price is $8.82 and its 200-day moving average price is $11.91. Nevro has a twelve month low of $4.38 and a twelve month high of $22.64.

Nevro (NYSE:NVRO) last announced 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. The firm had revenue of $104.16 million during the quarter, compared to the consensus estimate of $107.11 million. Nevro had a negative return on equity of 27.48% and a negative net margin of 19.17%. The business’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.69) EPS. On average, equities analysts anticipate that Nevro will post -2.14 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. lifted its holdings in shares of Nevro by 490.7% in the second quarter. Assenagon Asset Management S.A. now owns 728,463 shares of the medical equipment provider’s stock worth $6,134,000 after buying an additional 605,134 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Nevro by 69.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,048,026 shares of the medical equipment provider’s stock valued at $22,554,000 after acquiring an additional 431,136 shares in the last quarter. Norges Bank bought a new stake in Nevro during the 4th quarter worth approximately $8,498,000. Federated Hermes Inc. lifted its stake in Nevro by 380.1% in the 4th quarter. Federated Hermes Inc. now owns 431,153 shares of the medical equipment provider’s stock worth $9,278,000 after purchasing an additional 341,343 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in Nevro by 154.1% in the 2nd quarter. Acadian Asset Management LLC now owns 241,186 shares of the medical equipment provider’s stock valued at $2,029,000 after purchasing an additional 146,276 shares during the period. Institutional investors own 95.52% of the company’s stock.

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.