Piper Sandler Cuts Nevro (NYSE:NVRO) Price Target to $6.00

Nevro (NYSE:NVRO) had its target price decreased by Piper Sandler from $7.00 to $6.00 in a research report released on Tuesday morning,Benzinga reports. Piper Sandler currently has an underweight rating on the medical equipment provider’s stock.

A number of other equities research analysts have also weighed in on the stock. Royal Bank of Canada decreased their price target on shares of Nevro from $16.00 to $7.00 and set a “sector perform” rating for the company in a research report on Wednesday, August 7th. Wells Fargo & Company downgraded Nevro from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $13.00 to $5.50 in a report on Wednesday, August 7th. Wolfe Research raised Nevro from an “underperform” rating to a “peer perform” rating in a research note on Thursday, August 8th. Truist Financial dropped their target price on shares of Nevro from $10.00 to $5.50 and set a “hold” rating on the stock in a report on Thursday, August 8th. Finally, StockNews.com upgraded Nevro from a “sell” rating to a “hold” rating in a report on Saturday, November 9th. Three research analysts have rated the stock with a sell rating and twelve have given a hold rating to the company. According to data from MarketBeat, Nevro has a consensus rating of “Hold” and a consensus target price of $9.10.

Nevro Trading Down 8.7 %

Shares of NYSE NVRO opened at $4.07 on Tuesday. Nevro has a 52 week low of $4.00 and a 52 week high of $22.64. The stock’s fifty day moving average is $5.21 and its 200 day moving average is $7.42. The company has a debt-to-equity ratio of 0.67, a quick ratio of 3.53 and a current ratio of 5.02.

Nevro (NYSE:NVRO) last posted its earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) EPS for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.40. The firm had revenue of $96.60 million during the quarter, compared to analysts’ expectations of $93.09 million. Nevro had a negative net margin of 16.54% and a negative return on equity of 23.52%. The business’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.65) earnings per share. As a group, analysts forecast that Nevro will post -2.46 EPS for the current fiscal year.

Hedge Funds Weigh In On Nevro

A number of hedge funds have recently bought and sold shares of NVRO. Nisa Investment Advisors LLC grew its holdings in shares of Nevro by 1,788.8% in 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 in the last quarter. Intech Investment Management LLC bought a new position in Nevro in the 3rd quarter valued at $69,000. SG Americas Securities LLC purchased a new stake in shares of Nevro during the 3rd quarter valued at $71,000. Quantbot Technologies LP raised its stake in shares of Nevro by 1,290.4% during the 3rd quarter. Quantbot Technologies LP now owns 14,418 shares of the medical equipment provider’s stock worth $81,000 after purchasing an additional 13,381 shares during the period. Finally, Canada Pension Plan Investment Board boosted its holdings 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 worth $90,000 after buying an additional 8,300 shares during 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.