Nevro Corp (NYSE:NVRO) Sees Significant Growth in Short Interest

Nevro Corp (NYSE:NVRO) was the recipient of a large growth in short interest in the month of July. As of July 15th, there was short interest totalling 4,210,000 shares, a growth of 7.3% from the June 15th total of 3,923,400 shares. Based on an average daily trading volume, of 408,500 shares, the days-to-cover ratio is presently 10.3 days. Approximately 14.5% of the company’s shares are short sold.

NVRO has been the topic of a number of recent analyst reports. JMP Securities dropped their price objective on Nevro from $80.00 to $70.00 and set a “market outperform” rating on the stock in a research note on Friday, May 10th. ValuEngine raised United States Steel from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 24th. Zacks Investment Research downgraded Hess Midstream Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, May 14th. Morgan Stanley boosted their price objective on Wynn Resorts from $130.00 to $135.00 and gave the company an “equal weight” rating in a research note on Friday, May 10th. Finally, Canaccord Genuity dropped their price objective on Cronos Group from C$17.00 to C$16.00 in a research note on Friday, May 10th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $54.91.

NVRO stock traded up $2.50 during trading on Tuesday, reaching $67.37. 271,900 shares of the stock were exchanged, compared to its average volume of 567,114. The business’s 50 day simple moving average is $63.77. Nevro has a twelve month low of $34.75 and a twelve month high of $68.94. The company has a current ratio of 6.30, a quick ratio of 4.87 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of -41.08 and a beta of 0.29.

Nevro (NYSE:NVRO) last posted its quarterly earnings results on Thursday, May 9th. The medical equipment provider reported ($1.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.79). Nevro had a negative return on equity of 31.84% and a negative net margin of 19.79%. The firm had revenue of $82.10 million for the quarter, compared to analyst estimates of $87.47 million. During the same period last year, the company posted ($0.59) earnings per share. The firm’s quarterly revenue was down 6.3% compared to the same quarter last year. As a group, sell-side analysts predict that Nevro will post -3.83 EPS for the current year.

In other Nevro news, Director Kevin C. Oboyle acquired 1,675 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were bought at an average cost of $60.00 per share, with a total value of $100,500.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Elizabeth H. Weatherman acquired 2,460 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was acquired at an average cost of $60.99 per share, for a total transaction of $150,035.40. The disclosure for this purchase can be found here. 7.60% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new position in Nevro during the 4th quarter worth approximately $36,675,000. Spark Investment Management LLC raised its stake in Nevro by 144.9% during the 1st quarter. Spark Investment Management LLC now owns 403,400 shares of the medical equipment provider’s stock worth $25,216,000 after buying an additional 238,700 shares during the period. Geode Capital Management LLC raised its stake in Nevro by 9.3% during the 4th quarter. Geode Capital Management LLC now owns 308,995 shares of the medical equipment provider’s stock worth $12,016,000 after buying an additional 26,356 shares during the period. Deutsche Bank AG raised its stake in Nevro by 24.1% during the 4th quarter. Deutsche Bank AG now owns 307,606 shares of the medical equipment provider’s stock worth $11,961,000 after buying an additional 59,763 shares during the period. Finally, Edmond DE Rothschild Holding S.A. raised its stake in Nevro by 31.0% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 138,290 shares of the medical equipment provider’s stock worth $8,645,000 after buying an additional 32,700 shares during the period.

About Nevro

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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