Short Interest in Nevro Corp. (NYSE:NVRO) Decreases By 32.1%

Nevro Corp. (NYSE:NVRO) was the recipient of a large decline in short interest in the month of February. As of February 15th, there was short interest totalling 1,990,000 shares, a decline of 32.1% from the January 31st total of 2,930,000 shares. Based on an average trading volume of 879,100 shares, the short-interest ratio is currently 2.3 days.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NVRO. Piper Sandler upgraded Nevro from a “neutral” rating to an “overweight” rating and dropped their price target for the company from $6.00 to $5.85 in a research report on Friday, February 7th. Robert W. Baird boosted their price target on Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Tuesday, November 12th. Royal Bank of Canada restated a “sector perform” rating and issued a $7.00 price target on shares of Nevro in a research report on Tuesday, November 12th. Wells Fargo & Company dropped their price target on Nevro from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research report on Wednesday, December 11th. Finally, Canaccord Genuity Group boosted their price target on Nevro from $4.00 to $5.85 and gave the company a “hold” rating in a research report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Nevro presently has a consensus rating of “Hold” and an average target price of $6.43.

Nevro Price Performance

Shares of NYSE:NVRO traded up $0.02 during trading on Tuesday, hitting $5.74. 628,561 shares of the stock were exchanged, compared to its average volume of 658,219. The company has a fifty day moving average price of $4.86 and a two-hundred day moving average price of $4.93. The company has a market cap of $214.90 million, a PE ratio of -3.03 and a beta of 0.94. The company has a current ratio of 5.02, a quick ratio of 3.76 and a debt-to-equity ratio of 0.67. Nevro has a 12-month low of $3.17 and a 12-month high of $15.98.

Nevro (NYSE:NVRO) last announced its quarterly earnings results on Tuesday, March 4th. The medical equipment provider reported ($0.64) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.15. Nevro had a negative return on equity of 23.52% and a negative net margin of 16.54%. On average, analysts forecast that Nevro will post -2.44 EPS for the current year.

Institutional Investors Weigh In On Nevro

Several institutional investors have recently modified their holdings of the company. ArrowMark Colorado Holdings LLC boosted its stake in shares of Nevro by 2.4% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 4,391,258 shares of the medical equipment provider’s stock worth $24,547,000 after acquiring an additional 102,150 shares in the last quarter. Engaged Capital LLC boosted its stake in shares of Nevro by 29.5% during the 3rd quarter. Engaged Capital LLC now owns 2,442,956 shares of the medical equipment provider’s stock worth $13,656,000 after acquiring an additional 557,000 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its stake in Nevro by 20.5% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,803,532 shares of the medical equipment provider’s stock valued at $6,709,000 after buying an additional 306,943 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Nevro by 130.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,000,000 shares of the medical equipment provider’s stock valued at $5,590,000 after buying an additional 566,462 shares in the last quarter. Finally, Western Standard LLC purchased a new stake in Nevro in the 3rd quarter valued at approximately $5,473,000. Hedge funds and other 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.