Here is What Hedge Funds Think About Nevro Corp (NVRO)

As aggregate interest increased, key hedge funds were leading the bulls’ herd. Citadel Investment Group, managed by Ken Griffin, assembled the most valuable position in Nevro Corp (NYSE:NVRO). According to its latest 13F filing, the fund had $16.3 million invested in the company at the end of the quarter. Kevin Kotler’s Broadfin Capital also made a $9.3 million addition to his previous investment in the stock during the quarter. The other funds with new positions in the stock are Constantinos J. Christofilis’s Archon Capital Management, Matthew Hulsizer’s PEAK6 Capital Management, and Jeremy Green’s Redmile Group.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Nevro Corp (NYSE:NVRO) but similarly valued. We will take a look at Surgical Care Affiliates Inc (NASDAQ:SCAI), TeleTech Holdings, Inc. (NASDAQ:TTEC), Forward Air Corporation (NASDAQ:FWRD), and Progress Software Corporation (NASDAQ:PRGS). This group of stocks’ market caps resemble NVRO’s market cap.

As you can see these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $86 million. That figure was $222 million in NVRO’s case. Surgical Care Affiliates Inc (NASDAQ:SCAI) and TeleTech Holdings, Inc. (NASDAQ:TTEC) are leading the pack, while Forward Air Corporation (NASDAQ:FWRD) and Progress Software Corporation (NASDAQ:PRGS) are the laggards with only 13 bullish hedge fund positions. Compared to these stocks Nevro Corp (NYSE:NVRO) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.