Nevro Corp. (NYSE:NVRO) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC reduced its stake in shares of Nevro Corp. (NYSE:NVRO) by 99.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,591 shares of the medical equipment provider’s stock after selling 1,911,553 shares during the period. Fred Alger Management LLC’s holdings in Nevro were worth $93,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in NVRO. Price T Rowe Associates Inc. MD grew its stake in Nevro by 18.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 45,016 shares of the medical equipment provider’s stock valued at $651,000 after purchasing an additional 7,004 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in 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 valued at $6,134,000 after buying an additional 605,134 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Nevro by 1,788.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 6,932 shares of the medical equipment provider’s stock worth $58,000 after buying an additional 6,565 shares during the period. Bank of New York Mellon Corp raised its position in Nevro by 7.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 127,866 shares of the medical equipment provider’s stock worth $1,077,000 after buying an additional 8,673 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in Nevro by 5.0% during the 2nd quarter. Rhumbline Advisers now owns 58,995 shares of the medical equipment provider’s stock valued at $497,000 after acquiring an additional 2,836 shares during the period. 95.52% of the stock is owned by hedge funds and other institutional investors.

Nevro Price Performance

Shares of NYSE NVRO opened at $4.60 on Monday. The firm has a 50-day simple moving average of $4.97 and a 200-day simple moving average of $6.86. The company has a quick ratio of 3.76, a current ratio of 5.02 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $172.36 million, a price-to-earnings ratio of -2.43 and a beta of 0.93. Nevro Corp. has a 52 week low of $3.95 and a 52 week high of $22.64.

Nevro (NYSE:NVRO) last released its earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.40. The business had revenue of $96.60 million for the quarter, compared to analyst estimates of $93.09 million. Nevro had a negative net margin of 16.54% and a negative return on equity of 23.52%. The business’s revenue was down 7.0% on a year-over-year basis. During the same period last year, the company posted ($0.65) EPS. On average, equities analysts predict that Nevro Corp. will post -2.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. cut shares of Nevro from a “neutral” rating to an “underweight” rating in a report on Wednesday, August 7th. Citigroup reduced their price objective on Nevro from $6.89 to $6.00 and set a “neutral” rating for the company in a research note on Tuesday, October 1st. Truist Financial lowered their target price on Nevro from $10.00 to $5.50 and set a “hold” rating on the stock in a research note on Thursday, August 8th. Wolfe Research raised Nevro from an “underperform” rating to a “peer perform” rating in a report on Thursday, August 8th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Nevro in a research note on Tuesday, November 12th. Three research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the stock. Based on data from MarketBeat, Nevro presently has an average rating of “Hold” and a consensus price target of $9.10.

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.