Nevro (NYSE:NVRO) Price Target Lowered to $6.00 at Citigroup

Nevro (NYSE:NVRO) had its target price lowered by Citigroup from $6.89 to $6.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a neutral rating on the medical equipment provider’s stock.

NVRO has been the topic of a number of other reports. Robert W. Baird cut their price objective on Nevro from $11.00 to $8.00 and set a neutral rating on the stock in a report on Wednesday, August 7th. Morgan Stanley cut their price objective on Nevro from $14.00 to $9.00 and set an equal weight rating on the stock in a report on Monday, July 15th. Piper Sandler cut their price objective on Nevro from $12.00 to $7.00 and set an underweight rating on the stock in a report on Wednesday, August 7th. StockNews.com upgraded Nevro from a sell rating to a hold rating in a report on Monday, September 30th. Finally, Royal Bank of Canada dropped their target price on Nevro from $16.00 to $7.00 and set a sector perform rating on the stock in a report on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. Based on data from MarketBeat.com, Nevro presently has a consensus rating of Hold and an average target price of $10.55.

Nevro Stock Performance

NYSE NVRO opened at $4.97 on Tuesday. The business’s 50-day moving average price is $6.03 and its 200 day moving average price is $9.02. Nevro has a twelve month low of $4.38 and a twelve month high of $22.64. The company has a market capitalization of $182.54 million, a PE ratio of -2.17 and a beta of 0.94. The company has a current ratio of 4.77, a quick ratio of 3.53 and a debt-to-equity ratio of 0.66.

Nevro (NYSE:NVRO) last released its earnings results on Tuesday, August 6th. The medical equipment provider reported ($0.53) earnings per share for the quarter, topping the consensus estimate of ($0.63) by $0.10. Nevro had a negative return on equity of 24.89% and a negative net margin of 18.17%. The firm had revenue of $104.16 million for the quarter, compared to the consensus estimate of $107.11 million. During the same period in the prior year, the business posted ($0.69) earnings per share. The firm’s revenue for the quarter was down 4.3% compared to the same quarter last year. On average, research analysts predict that Nevro will post -2.6 earnings per share for the current year.

Institutional Investors Weigh In On Nevro

A number of hedge funds have recently bought and sold shares of the business. Armistice Capital LLC grew its stake in Nevro by 1.3% during the 2nd quarter. Armistice Capital LLC now owns 3,672,000 shares of the medical equipment provider’s stock valued at $30,918,000 after purchasing an additional 48,000 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Nevro by 69.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,048,026 shares of the medical equipment provider’s stock valued at $22,554,000 after purchasing an additional 431,136 shares in the last quarter. Millennium Management LLC grew its stake in Nevro by 21.4% during the 2nd quarter. Millennium Management LLC now owns 956,542 shares of the medical equipment provider’s stock valued at $8,054,000 after purchasing an additional 168,573 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Nevro by 490.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 728,463 shares of the medical equipment provider’s stock valued at $6,134,000 after purchasing an additional 605,134 shares in the last quarter. Finally, Norges Bank acquired a new stake in Nevro during the 4th quarter valued at approximately $8,498,000. Institutional investors and hedge funds 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.