Nevro (NYSE:NVRO) Price Target Cut to $4.00 by Analysts at Canaccord Genuity Group

Nevro (NYSE:NVRO) had its target price lowered by equities research analysts at Canaccord Genuity Group from $7.00 to $4.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “hold” rating on the medical equipment provider’s stock. Canaccord Genuity Group’s price objective would indicate a potential downside of 8.88% from the company’s current price.

NVRO has been the subject of a number of other research reports. Wells Fargo & Company initiated coverage on shares of Nevro in a research note on Tuesday, December 3rd. They issued an “equal weight” rating and a $5.00 price target for the company. Royal Bank of Canada reissued a “sector perform” rating and issued a $7.00 target price on shares of Nevro in a research report on Tuesday, November 12th. Morgan Stanley cut shares of Nevro from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $9.00 to $4.00 in a research report on Monday, December 2nd. Piper Sandler lowered their price objective on Nevro from $7.00 to $6.00 and set an “underweight” rating for the company in a report on Tuesday, November 12th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Nevro in a report on Tuesday, November 12th. Three analysts have rated the stock with a sell rating and twelve have issued a hold rating to the stock. According to data from MarketBeat, Nevro currently has a consensus rating of “Hold” and a consensus price target of $8.25.

Nevro Stock Up 4.8 %

Shares of NVRO stock traded up $0.20 on Monday, hitting $4.39. The stock had a trading volume of 101,739 shares, compared to its average volume of 564,919. The stock’s 50 day moving average is $4.84 and its 200-day moving average is $6.64. The firm has a market capitalization of $164.49 million, a price-to-earnings ratio of -2.32 and a beta of 0.84. Nevro has a 52-week low of $3.95 and a 52-week high of $22.64. The company has a debt-to-equity ratio of 0.67, a quick ratio of 3.76 and a current ratio of 5.02.

Nevro (NYSE:NVRO) last issued its quarterly earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) EPS for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.40. Nevro had a negative return on equity of 23.52% and a negative net margin of 16.54%. The firm had revenue of $96.60 million during the quarter, compared to the consensus estimate of $93.09 million. During the same quarter in the prior year, the business posted ($0.65) earnings per share. Nevro’s revenue for the quarter was down 7.0% on a year-over-year basis. As a group, research analysts expect that Nevro will post -2.43 earnings per share for the current year.

Hedge Funds Weigh In On Nevro

Several hedge funds and other institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC grew its holdings in Nevro by 1,788.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 6,932 shares of the medical equipment provider’s stock worth $58,000 after buying an additional 6,565 shares in the last quarter. Virtu Financial LLC bought a new stake in Nevro during the 3rd quarter valued at $63,000. Intech Investment Management LLC acquired a new position in Nevro during the 3rd quarter worth $69,000. SG Americas Securities LLC bought a new position in shares of Nevro in the third quarter worth $71,000. Finally, Quantbot Technologies LP increased its holdings in shares of Nevro by 1,290.4% during the third quarter. Quantbot Technologies LP now owns 14,418 shares of the medical equipment provider’s stock valued at $81,000 after purchasing an additional 13,381 shares during the period. 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.