Canaccord Genuity Group Cuts Nevro (NYSE:NVRO) Price Target to $4.00

Nevro (NYSE:NVRO) had its target price reduced by equities researchers at Canaccord Genuity Group from $7.00 to $4.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the medical equipment provider’s stock. Canaccord Genuity Group’s target price would suggest a potential downside of 8.88% from the company’s current price.

A number of other research firms have also recently weighed in on NVRO. Wells Fargo & Company assumed coverage on shares of Nevro in a research note on Tuesday, December 3rd. They set an “equal weight” rating and a $5.00 price target on the stock. Robert W. Baird upped 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. Piper Sandler reduced their price target on shares of Nevro from $7.00 to $6.00 and set an “underweight” rating for the company in a research report on Tuesday, November 12th. JMP Securities restated a “market perform” rating on shares of Nevro in a report on Tuesday, November 12th. Finally, Morgan Stanley cut Nevro from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $9.00 to $4.00 in a report on Monday, December 2nd. Three equities research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $8.25.

Nevro Stock Performance

NYSE NVRO traded up $0.20 during trading on Monday, reaching $4.39. The company’s stock had a trading volume of 101,739 shares, compared to its average volume of 564,919. The business’s fifty day moving average price is $4.84 and its 200-day moving average price is $6.64. Nevro has a twelve month low of $3.95 and a twelve month high of $22.64. The company has a debt-to-equity ratio of 0.67, a quick ratio of 3.76 and a current ratio of 5.02. The firm has a market cap of $164.49 million, a price-to-earnings ratio of -2.32 and a beta of 0.84.

Nevro (NYSE:NVRO) last announced its earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share 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 company had revenue of $96.60 million for the quarter, compared to the consensus estimate of $93.09 million. During the same period last year, the business posted ($0.65) EPS. The company’s revenue was down 7.0% on a year-over-year basis. As a group, analysts anticipate that Nevro will post -2.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Nevro

Institutional investors have recently added to or reduced their stakes in the business. Western Standard LLC purchased a new position in Nevro during the third quarter worth approximately $5,473,000. Assenagon Asset Management S.A. raised its position in shares of Nevro by 490.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 728,463 shares of the medical equipment provider’s stock worth $6,134,000 after buying an additional 605,134 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Nevro by 130.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,000,000 shares of the medical equipment provider’s stock valued at $5,590,000 after acquiring an additional 566,462 shares during the last quarter. Engaged Capital LLC grew its position in Nevro by 29.5% during the third quarter. Engaged Capital LLC now owns 2,442,956 shares of the medical equipment provider’s stock valued at $13,656,000 after acquiring an additional 557,000 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its stake in Nevro by 50.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 732,717 shares of the medical equipment provider’s stock worth $4,096,000 after acquiring an additional 246,979 shares during 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.