Pictet Asset Management Ltd. reduced its position in Nevro Corp (NYSE:NVRO) by 3.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 286,362 shares of the medical equipment provider’s stock after selling 11,254 shares during the period. Pictet Asset Management Ltd.’s holdings in Nevro were worth $18,565,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NVRO. Spark Investment Management LLC lifted its stake in shares of Nevro by 144.9% in the 1st quarter. Spark Investment Management LLC now owns 403,400 shares of the medical equipment provider’s stock valued at $25,216,000 after purchasing an additional 238,700 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Nevro in the 2nd quarter valued at about $5,933,000. Frontier Capital Management Co. LLC acquired a new position in shares of Nevro in the 1st quarter valued at about $4,211,000. Sivik Global Healthcare LLC acquired a new position in shares of Nevro in the 1st quarter valued at about $3,126,000. Finally, First Trust Advisors LP acquired a new position in shares of Nevro in the 2nd quarter valued at about $2,449,000.
Nevro stock traded down $1.41 during midday trading on Friday, hitting $89.69. 9,569 shares of the company were exchanged, compared to its average volume of 357,753. The company’s fifty day moving average price is $76.85 and its 200-day moving average price is $63.86. The company has a market cap of $2.76 billion, a PE ratio of -54.56 and a beta of 0.21. The company has a debt-to-equity ratio of 0.89, a current ratio of 6.05 and a quick ratio of 4.66. Nevro Corp has a fifty-two week low of $34.75 and a fifty-two week high of $91.60.
Nevro (NYSE:NVRO) last released its quarterly earnings results on Thursday, August 8th. The medical equipment provider reported ($0.91) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.02). The company had revenue of $93.60 million for the quarter, compared to analyst estimates of $88.40 million. Nevro had a negative return on equity of 41.07% and a negative net margin of 24.51%. The business’s revenue was down 2.6% on a year-over-year basis. During the same period last year, the firm posted ($0.35) earnings per share. On average, analysts expect that Nevro Corp will post -3.87 EPS for the current fiscal year.
Several equities analysts have recently weighed in on the company. Bank of America lifted their price objective on Nevro from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Northland Securities set a $65.00 price objective on Nevro and gave the company a “hold” rating in a research note on Friday, August 9th. Zacks Investment Research raised Nevro from a “sell” rating to a “hold” rating and set a $67.00 price objective on the stock in a research note on Tuesday, August 13th. JMP Securities lifted their price objective on Nevro from $70.00 to $90.00 and gave the company a “market outperform” rating in a research note on Monday, August 12th. Finally, Leerink Swann set a $98.00 price objective on Nevro and gave the company a “buy” rating in a research note on Friday, August 23rd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $65.83.
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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