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

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

Other equities analysts have also recently issued research reports about the stock. Wolfe Research raised shares of Nevro from an “underperform” rating to a “peer perform” rating in a research note on Thursday, August 8th. Truist Financial reduced their price target on shares of Nevro from $10.00 to $5.50 and set a “hold” rating for the company in a research report on Thursday, August 8th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $7.00 price objective on shares of Nevro in a research report on Tuesday. Citigroup reduced their target price on Nevro from $6.89 to $6.00 and set a “neutral” rating for the company in a research report on Tuesday, October 1st. Finally, Robert W. Baird upped their target price on Nevro from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Tuesday. Three investment analysts have rated the stock with a sell rating and twelve have given a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $9.10.

Nevro Trading Down 4.9 %

Shares of NVRO stock opened at $5.06 on Tuesday. Nevro has a 1 year low of $4.38 and a 1 year high of $22.64. The company’s fifty day simple moving average is $5.24 and its two-hundred day simple moving average is $7.48. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.77 and a quick ratio of 3.53. The stock has a market capitalization of $188.64 million, a price-to-earnings ratio of -2.68 and a beta of 0.93.

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, topping analysts’ consensus estimates of ($0.81) by $0.40. The business had revenue of $96.60 million for the quarter, compared to analysts’ expectations of $93.09 million. Nevro had a negative return on equity of 23.35% and a negative net margin of 16.54%. The firm’s quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.65) EPS. As a group, analysts anticipate that Nevro will post -2.6 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. 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 in the last quarter. Rhumbline Advisers lifted its stake in Nevro by 5.0% in the second quarter. Rhumbline Advisers now owns 58,995 shares of the medical equipment provider’s stock worth $497,000 after purchasing an additional 2,836 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in Nevro by 1,788.8% during the second 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. Price T Rowe Associates Inc. MD increased its holdings in shares of Nevro by 18.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 45,016 shares of the medical equipment provider’s stock worth $651,000 after buying an additional 7,004 shares during the period. Finally, Blair William & Co. IL lifted its stake in shares of Nevro by 13.9% in the 2nd quarter. Blair William & Co. IL now owns 59,404 shares of the medical equipment provider’s stock valued at $500,000 after acquiring an additional 7,250 shares during the last quarter. 95.52% of the stock is currently owned by institutional investors.

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.