Nevro (NYSE:NVRO) Price Target Lowered to $4.00 at Wells Fargo & Company

Nevro (NYSE:NVRO) had its price objective cut by research analysts at Wells Fargo & Company from $5.00 to $4.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the medical equipment provider’s stock. Wells Fargo & Company‘s target price points to a potential downside of 6.54% from the company’s previous close.

A number of other brokerages have also recently issued reports on NVRO. Robert W. Baird increased their target price on shares of Nevro from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. Canaccord Genuity Group decreased their price target on Nevro from $7.00 to $4.00 and set a “hold” rating on the stock in a research report on Monday. Royal Bank of Canada reissued a “sector perform” rating and issued a $7.00 price objective on shares of Nevro in a research note on Tuesday, November 12th. JMP Securities reaffirmed a “market perform” rating on shares of Nevro in a report on Tuesday, November 12th. Finally, Morgan Stanley cut shares of Nevro from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $9.00 to $4.00 in a research report on Monday, December 2nd. Three investment analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. According to MarketBeat, Nevro presently has an average rating of “Hold” and a consensus price target of $8.15.

Nevro Stock Performance

NYSE NVRO traded down $0.06 during midday trading on Wednesday, hitting $4.28. The company had a trading volume of 25,816 shares, compared to its average volume of 562,175. The firm has a fifty day simple moving average of $4.80 and a two-hundred day simple moving average of $6.57. Nevro has a fifty-two week low of $3.95 and a fifty-two week high of $22.64. The company has a quick ratio of 3.76, a current ratio of 5.02 and a debt-to-equity ratio of 0.67. The stock has a market cap of $160.37 million, a price-to-earnings ratio of -2.26 and a beta of 0.84.

Nevro (NYSE:NVRO) last posted its quarterly earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $93.09 million. During the same quarter in the prior year, the firm posted ($0.65) EPS. The company’s revenue for the quarter was down 7.0% on a year-over-year basis. Equities analysts forecast that Nevro will post -2.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nevro

Institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC increased 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 valued at $58,000 after buying an additional 6,565 shares during the period. Canada Pension Plan Investment Board lifted its stake in Nevro by 345.8% during the second quarter. Canada Pension Plan Investment Board now owns 10,700 shares of the medical equipment provider’s stock worth $90,000 after purchasing an additional 8,300 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Nevro in the 3rd quarter valued at $63,000. Intech Investment Management LLC acquired a new position in shares of Nevro during the 3rd quarter worth $69,000. Finally, SG Americas Securities LLC bought a new stake in shares of Nevro during the 3rd quarter worth $71,000. Institutional investors 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.