Nevro (NYSE:NVRO) Price Target Lowered to $4.70 at Truist Financial

Nevro (NYSE:NVRO) had its price target cut by Truist Financial from $7.00 to $4.70 in a research note published on Wednesday morning,Benzinga reports. They currently have a hold rating on the medical equipment provider’s stock.

A number of other brokerages have also recently commented on NVRO. JMP Securities restated a “market perform” rating on shares of Nevro in a research note on Tuesday, November 12th. Piper Sandler cut their target price on Nevro from $7.00 to $6.00 and set an “underweight” rating for the company in a research report on Tuesday, November 12th. Citigroup lowered their price target on Nevro from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 11th. Wells Fargo & Company cut their price objective on Nevro from $5.00 to $4.00 and set an “equal weight” rating for the company in a report on Wednesday, December 11th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $7.00 target price on shares of Nevro in a report on Tuesday, November 12th. Three research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $7.97.

Nevro Trading Down 7.7 %

Shares of NVRO opened at $3.74 on Wednesday. The stock’s 50-day moving average price is $4.70 and its 200 day moving average price is $6.37. The company has a quick ratio of 3.76, a current ratio of 5.02 and a debt-to-equity ratio of 0.67. Nevro has a 12-month low of $3.71 and a 12-month high of $22.52. The firm has a market capitalization of $140.15 million, a price-to-earnings ratio of -1.98 and a beta of 0.84.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of NVRO. Nisa Investment Advisors LLC lifted its stake in shares of 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 acquiring an additional 6,565 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of Nevro by 345.8% in the 2nd quarter. Canada Pension Plan Investment Board now owns 10,700 shares of the medical equipment provider’s stock valued at $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 about $63,000. Intech Investment Management LLC acquired a new stake in shares of Nevro during the 3rd quarter worth approximately $69,000. Finally, SG Americas Securities LLC bought a new stake in shares of Nevro during the third quarter worth approximately $71,000. 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.