Nevro (NYSE:NVRO) Price Target Cut to $4.70 by Analysts at Truist Financial

Nevro (NYSE:NVRO) had its price objective reduced by Truist Financial from $7.00 to $4.70 in a report released on Wednesday,Benzinga reports. They currently have a hold rating on the medical equipment provider’s stock.

Several other brokerages also recently commented on NVRO. Morgan Stanley downgraded Nevro from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $9.00 to $4.00 in a research note on Monday, December 2nd. Citigroup dropped their price target on Nevro from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 11th. Wells Fargo & Company decreased their price objective on Nevro from $5.00 to $4.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 11th. StockNews.com upgraded shares of Nevro from a “sell” rating to a “hold” rating in a report on Tuesday, November 19th. Finally, Robert W. Baird upped their price target on shares of Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. Three analysts have rated the stock with a sell rating and twelve have given a hold rating to the stock. Based on data from MarketBeat, Nevro currently has an average rating of “Hold” and a consensus price target of $7.97.

Nevro Price Performance

Shares of NVRO opened at $3.74 on Wednesday. The company has a current ratio of 5.02, a quick ratio of 3.76 and a debt-to-equity ratio of 0.67. The stock has a market cap of $140.15 million, a P/E ratio of -1.98 and a beta of 0.84. The stock’s 50-day moving average price is $4.70 and its two-hundred day moving average price is $6.37. Nevro has a 1 year low of $3.71 and a 1 year high of $22.52.

Nevro (NYSE:NVRO) last issued its quarterly earnings data on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.40. The firm 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 23.52%. The business’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.65) earnings per share. On average, equities analysts predict that Nevro will post -2.43 earnings per share for the current year.

Hedge Funds Weigh In On Nevro

A number of large investors have recently modified their holdings of the business. Nisa Investment Advisors LLC increased its position in shares of Nevro by 1,788.8% in the second quarter. Nisa Investment Advisors LLC now owns 6,932 shares of the medical equipment provider’s stock valued at $58,000 after acquiring an additional 6,565 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of Nevro during the 3rd quarter worth approximately $63,000. Intech Investment Management LLC bought a new stake in shares of Nevro during the 3rd quarter worth approximately $69,000. SG Americas Securities LLC acquired a new stake in shares of Nevro in the 3rd quarter valued at approximately $71,000. Finally, Quantbot Technologies LP grew its stake in shares of Nevro by 1,290.4% in the third quarter. Quantbot Technologies LP now owns 14,418 shares of the medical equipment provider’s stock valued at $81,000 after buying an additional 13,381 shares in the last quarter. 95.52% of the stock is currently owned by institutional investors and hedge funds.

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.