Canaccord Genuity Group Issues Positive Forecast for Nevro (NYSE:NVRO) Stock Price

Nevro (NYSE:NVRO) had its price objective raised by Canaccord Genuity Group from $4.00 to $5.85 in a research note released on Friday morning,Benzinga reports. Canaccord Genuity Group currently has a hold rating on the medical equipment provider’s stock.

A number of other equities research analysts have also recently weighed in on the company. Citigroup cut their price target on Nevro from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Wednesday, December 11th. Robert W. Baird boosted their price target on Nevro from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. Royal Bank of Canada reissued a “sector perform” rating and issued a $7.00 price target on shares of Nevro in a research note on Tuesday, November 12th. JMP Securities restated a “market perform” rating on shares of Nevro in a research note on Tuesday, November 12th. Finally, Wells Fargo & Company decreased their target price on shares of Nevro from $5.00 to $4.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 11th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $6.49.

Nevro Price Performance

Shares of NVRO opened at $5.72 on Friday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 3.76 and a current ratio of 5.02. Nevro has a 12 month low of $3.16 and a 12 month high of $17.75. The stock has a fifty day moving average price of $4.27 and a 200 day moving average price of $5.24.

Nevro (NYSE:NVRO) last released its quarterly earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) EPS for the quarter, topping the consensus estimate of ($0.81) by $0.40. The business had revenue of $96.60 million during the quarter, compared to analyst estimates of $93.09 million. Nevro had a negative net margin of 16.54% and a negative return on equity of 23.52%. The company’s quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.65) earnings per share. As a group, sell-side analysts anticipate that Nevro will post -2.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Nevro

Hedge funds have recently made changes to their positions in the business. Western Standard LLC bought a new stake in Nevro during the third quarter worth approximately $5,473,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Nevro by 130.7% in the 3rd 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 worth $5,590,000 after acquiring an additional 566,462 shares during the last quarter. Engaged Capital LLC grew its holdings in shares of Nevro by 29.5% in the 3rd quarter. Engaged Capital LLC now owns 2,442,956 shares of the medical equipment provider’s stock worth $13,656,000 after acquiring an additional 557,000 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of 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 purchasing an additional 246,979 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Nevro by 27.6% during the third quarter. Assenagon Asset Management S.A. now owns 929,348 shares of the medical equipment provider’s stock valued at $5,195,000 after purchasing an additional 200,885 shares during the last quarter. Institutional investors and hedge funds own 95.52% of the company’s stock.

Nevro Company Profile

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.