Canaccord Genuity Group Cuts Nevro (NYSE:NVRO) Price Target to $7.00

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

Several other equities analysts have also recently issued reports on NVRO. Royal Bank of Canada reiterated a “sector perform” rating and set a $7.00 price target on shares of Nevro in a research report on Tuesday. StockNews.com upgraded Nevro from a “sell” rating to a “hold” rating in a report on Saturday. Truist Financial dropped their price target on Nevro from $10.00 to $5.50 and set a “hold” rating on the stock in a research report on Thursday, August 8th. Morgan Stanley decreased their price objective on Nevro from $14.00 to $9.00 and set an “equal weight” rating for the company in a report on Monday, July 15th. Finally, Robert W. Baird boosted their target price on shares of Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Tuesday. 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.com, the company has an average rating of “Hold” and an average target price of $9.10.

Nevro Trading Down 4.9 %

NVRO opened at $5.06 on Tuesday. Nevro has a one year low of $4.38 and a one year high of $22.64. 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 business has a 50 day simple moving average of $5.24 and a two-hundred day simple moving average of $7.48. The firm 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 announced 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. The company had revenue of $96.60 million during the quarter, compared to the consensus estimate 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 revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.65) earnings per share. Analysts predict that Nevro will post -2.6 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. State Board of Administration of Florida Retirement System grew its holdings in shares of 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 valued at $167,000 after buying an additional 1,430 shares during the last quarter. Rhumbline Advisers lifted its position in Nevro by 5.0% in the 2nd quarter. Rhumbline Advisers now owns 58,995 shares of the medical equipment provider’s stock valued at $497,000 after acquiring an additional 2,836 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in Nevro by 1,788.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 6,932 shares of the medical equipment provider’s stock valued at $58,000 after purchasing an additional 6,565 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Nevro by 18.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 45,016 shares of the medical equipment provider’s stock worth $651,000 after purchasing an additional 7,004 shares in the last quarter. Finally, Blair William & Co. IL increased its holdings 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 worth $500,000 after purchasing an additional 7,250 shares in the last quarter. 95.52% of the stock is owned by hedge funds and other 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.