Nevro (NYSE:NVRO) Price Target Cut to $7.00 by Analysts at Canaccord Genuity Group

by · The Cerbat Gem

Nevro (NYSE:NVRO – Get Free Report) had its target price dropped by investment analysts at Canaccord Genuity Group from $8.00 to $7.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the medical equipment provider’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 57.30% from the company’s previous close.

Several other brokerages have also recently commented on NVRO. Citigroup lowered their price target on Nevro from $6.89 to $6.00 and set a “neutral” rating for the company in a research note on Tuesday, October 1st. 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. JPMorgan Chase & Co. downgraded shares of Nevro from a “neutral” rating to an “underweight” rating in a report on Wednesday, August 7th. Piper Sandler decreased their price objective on shares of Nevro from $7.00 to $6.00 and set an “underweight” rating for the company in a report on Tuesday. Finally, JMP Securities lowered Nevro from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 7th. Three analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $9.10.

View Our Latest Research Report on NVRO

Nevro Stock Down 12.1 %

NVRO stock opened at $4.45 on Tuesday. The company has a 50 day moving average of $5.23 and a two-hundred day moving average of $7.44. The company has a market cap of $165.91 million, a price-to-earnings ratio of -2.35 and a beta of 0.93. Nevro has a 12-month low of $4.38 and a 12-month high of $22.64. 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 (NYSE:NVRO – Get Free Report) last announced 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. Nevro had a negative return on equity of 23.35% and a negative net margin of 16.54%. The business had revenue of $96.60 million during the quarter, compared to analyst estimates of $93.09 million. During the same period last year, the company earned ($0.65) earnings per share. Nevro’s quarterly revenue was down 7.0% compared to the same quarter last year. On average, equities analysts anticipate that Nevro will post -2.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nevro

Large investors have recently made changes to their positions in the business. BNP Paribas Financial Markets grew its holdings 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 buying an additional 33,760 shares during the last quarter. Oppenheimer Asset Management Inc. grew its stake in shares of Nevro by 45.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 30,727 shares of the medical equipment provider’s stock worth $444,000 after acquiring an additional 9,586 shares during the last quarter. State Board of Administration of Florida Retirement System increased its position in 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 acquiring an additional 1,430 shares during the period. Blair William & Co. IL raised its stake in Nevro by 35.8% during the 1st quarter. Blair William & Co. IL now owns 52,154 shares of the medical equipment provider’s stock valued at $753,000 after purchasing an additional 13,750 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its holdings 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 purchasing an additional 30,863 shares during the period. Institutional investors and hedge funds own 95.52% of the company’s stock.

About Nevro

(Get Free Report)

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.

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