Nevro (NYSE:NVRO) PT Lowered to $7.00

Nevro (NYSE:NVRO) had its price target trimmed by Royal Bank of Canada from $16.00 to $7.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a sector perform rating on the medical equipment provider’s stock.

Other equities analysts have also issued reports about the company. Robert W. Baird decreased their price objective on Nevro from $11.00 to $8.00 and set a neutral rating for the company in a report on Wednesday. JPMorgan Chase & Co. cut Nevro from a neutral rating to an underweight rating in a research note on Wednesday. Piper Sandler lowered their price target on Nevro from $12.00 to $7.00 and set an underweight rating on the stock in a report on Wednesday. Mizuho decreased their target price on shares of Nevro from $20.00 to $16.00 and set a neutral rating for the company in a research report on Thursday, April 11th. Finally, Canaccord Genuity Group reduced their price target on shares of Nevro from $17.00 to $11.00 and set a hold rating for the company in a research note on Wednesday, May 8th. Four analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $10.63.

Nevro Stock Performance

NVRO traded up $0.34 during trading on Wednesday, reaching $6.01. 1,729,642 shares of the company were exchanged, compared to its average volume of 567,455. The company has a current ratio of 7.38, a quick ratio of 5.57 and a debt-to-equity ratio of 0.77. The stock has a market cap of $220.74 million, a P/E ratio of -2.62 and a beta of 0.91. Nevro has a 52 week low of $4.38 and a 52 week high of $22.64. The firm has a 50 day moving average of $8.82 and a 200 day moving average of $11.96.

Nevro (NYSE:NVRO) last issued its quarterly earnings data on Tuesday, August 6th. The medical equipment provider reported ($0.53) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.10. Nevro had a negative net margin of 19.17% and a negative return on equity of 27.48%. The firm had revenue of $104.16 million for the quarter, compared to the consensus estimate of $107.11 million. During the same period last year, the firm posted ($0.69) EPS. Nevro’s quarterly revenue was down 4.3% compared to the same quarter last year. On average, sell-side analysts forecast that Nevro will post -2.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Nevro

A number of institutional investors and hedge funds have recently modified their holdings of NVRO. Nisa Investment Advisors LLC raised its position in shares of Nevro by 1,788.8% during the second quarter. Nisa Investment Advisors LLC now owns 6,932 shares of the medical equipment provider’s stock worth $58,000 after purchasing an additional 6,565 shares during the period. Assetmark Inc. lifted its position in shares of Nevro by 30.4% in the 4th quarter. Assetmark Inc. now owns 3,131 shares of the medical equipment provider’s stock valued at $67,000 after acquiring an additional 730 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in Nevro by 14.1% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 11,578 shares of the medical equipment provider’s stock worth $167,000 after purchasing an additional 1,430 shares during the period. Oppenheimer Asset Management Inc. grew its position in Nevro by 45.3% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 30,727 shares of the medical equipment provider’s stock worth $444,000 after purchasing an additional 9,586 shares in the last quarter. Finally, Rhumbline Advisers raised 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 purchasing an additional 2,836 shares during the period. Institutional investors and hedge funds own 95.52% of the company’s stock.

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.