Nevro (NYSE:NVRO) Given New $7.00 Price Target at Canaccord Genuity Group

Nevro (NYSE:NVRO) had its price target cut by Canaccord Genuity Group from $8.00 to $7.00 in a research note released on Tuesday morning,Benzinga reports. They currently have a hold rating on the medical equipment provider’s stock.

A number of other analysts have also recently issued reports on NVRO. Piper Sandler lowered their price objective on Nevro from $7.00 to $6.00 and set an “underweight” rating on the stock in a research report on Tuesday. Robert W. Baird increased their price objective on shares of Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Tuesday. Truist Financial decreased their target price on shares of Nevro from $10.00 to $5.50 and set a “hold” rating on the stock in a research report on Thursday, August 8th. JPMorgan Chase & Co. lowered shares of Nevro from a “neutral” rating to an “underweight” rating in a research report on Wednesday, August 7th. Finally, Citigroup decreased their price objective on Nevro from $6.89 to $6.00 and set a “neutral” rating on the stock in a report on Tuesday, October 1st. Three research analysts have rated the stock with a sell rating and twelve have given a hold rating to the stock. According to MarketBeat, Nevro presently has an average rating of “Hold” and an average price target of $9.10.

Nevro Stock Performance

Shares of Nevro stock opened at $4.07 on Tuesday. The company has a quick ratio of 3.53, a current ratio of 5.02 and a debt-to-equity ratio of 0.67. The stock has a 50 day moving average price of $5.21 and a two-hundred day moving average price of $7.42. Nevro has a 12-month low of $4.00 and a 12-month high of $22.64.

Nevro (NYSE:NVRO) last issued its quarterly earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) EPS for the quarter, topping the consensus estimate of ($0.81) by $0.40. The company had revenue of $96.60 million for the quarter, compared to the consensus estimate of $93.09 million. Nevro had a negative return on equity of 23.52% and a negative net margin of 16.54%. 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 business posted ($0.65) EPS. As a group, equities analysts predict that Nevro will post -2.46 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. BNP Paribas Financial Markets raised its position in shares of Nevro by 189.3% during the first quarter. BNP Paribas Financial Markets now owns 51,597 shares of the medical equipment provider’s stock worth $745,000 after acquiring an additional 33,760 shares during the last quarter. Oppenheimer Asset Management Inc. lifted 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 valued at $444,000 after purchasing an additional 9,586 shares during the period. State Board of Administration of Florida Retirement System boosted its stake in shares of 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 valued at $167,000 after purchasing an additional 1,430 shares during the last quarter. Blair William & Co. IL grew its position in shares of Nevro by 35.8% during the 1st quarter. Blair William & Co. IL now owns 52,154 shares of the medical equipment provider’s stock worth $753,000 after buying an additional 13,750 shares during the period. Finally, Acadian Asset Management LLC lifted its holdings in Nevro by 48.2% in the first 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 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.