Royal Bank of Canada Reiterates Sector Perform Rating for Nevro (NYSE:NVRO)

Nevro (NYSE:NVRO)‘s stock had its “sector perform” rating reissued by analysts at Royal Bank of Canada in a research note issued on Tuesday,Benzinga reports. They presently have a $7.00 price target on the medical equipment provider’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 57.30% from the company’s previous close.

A number of other research analysts also recently commented on the company. Robert W. Baird increased their price objective on Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Tuesday. Truist Financial dropped their price target on shares of Nevro from $10.00 to $5.50 and set a “hold” rating on the stock in a research note on Thursday, August 8th. Morgan Stanley reduced their price objective on shares of Nevro from $14.00 to $9.00 and set an “equal weight” rating for the company in a research report on Monday, July 15th. StockNews.com raised shares of Nevro from a “sell” rating to a “hold” rating in a research report on Saturday, November 9th. Finally, Wolfe Research raised shares of Nevro from an “underperform” rating to a “peer perform” rating in a research report on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating and twelve have given a hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $9.10.

Nevro Stock Down 12.1 %

Shares of Nevro stock opened at $4.45 on Tuesday. The company has a quick ratio of 3.53, a current ratio of 4.77 and a debt-to-equity ratio of 0.66. Nevro has a 52-week low of $4.38 and a 52-week high of $22.64. The company has a market capitalization of $165.91 million, a P/E ratio of -2.35 and a beta of 0.93. The company has a 50 day moving average of $5.23 and a 200 day moving average of $7.44.

Nevro (NYSE:NVRO) last released its quarterly earnings data on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.81) by $0.40. The business had revenue of $96.60 million during the quarter, compared to analysts’ expectations of $93.09 million. Nevro had a negative net margin of 16.54% and a negative return on equity of 23.35%. The company’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same period in the previous year, the company earned ($0.65) EPS. As a group, research analysts forecast that Nevro will post -2.6 EPS for the current fiscal year.

Institutional Investors Weigh In On Nevro

Institutional investors and hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets increased its position in Nevro by 189.3% in the 1st quarter. BNP Paribas Financial Markets now owns 51,597 shares of the medical equipment provider’s stock valued at $745,000 after acquiring an additional 33,760 shares during the period. Oppenheimer Asset Management Inc. raised its stake in shares of Nevro by 45.3% during the first 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 during the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of Nevro by 14.1% during the first 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 last quarter. Blair William & Co. IL lifted its holdings in shares of Nevro by 35.8% during the first quarter. Blair William & Co. IL now owns 52,154 shares of the medical equipment provider’s stock worth $753,000 after purchasing an additional 13,750 shares during the period. Finally, Acadian Asset Management LLC grew its position in Nevro by 48.2% in the 1st quarter. Acadian Asset Management LLC now owns 94,910 shares of the medical equipment provider’s stock valued at $1,369,000 after buying an additional 30,863 shares during the last quarter. 95.52% of the stock is owned by hedge funds and other institutional investors.

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.