Nevro (NYSE:NVRO) Given New $6.00 Price Target at Piper Sandler

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

A number of other analysts have also issued reports on NVRO. Citigroup decreased their price target on Nevro from $6.89 to $6.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 1st. Wolfe Research raised Nevro from an “underperform” rating to a “peer perform” rating in a research report on Thursday, August 8th. Wells Fargo & Company downgraded shares of Nevro from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $13.00 to $5.50 in a research report on Wednesday, August 7th. Royal Bank of Canada lowered their target price on shares of Nevro from $16.00 to $7.00 and set a “sector perform” rating for the company in a research note on Wednesday, August 7th. Finally, Robert W. Baird raised their target price on Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Tuesday. Three equities 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, the company presently has a consensus rating of “Hold” and an average target price of $9.10.

Nevro Stock Performance

Shares of NVRO stock opened at $4.52 on Tuesday. The stock has a 50 day simple moving average of $5.18 and a 200-day simple moving average of $7.39. Nevro has a 12-month low of $3.95 and a 12-month high of $22.64. The company has a market cap of $169.36 million, a price-to-earnings ratio of -2.39 and a beta of 0.93. The company has a current ratio of 5.02, a quick ratio of 3.53 and a debt-to-equity ratio of 0.67.

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. 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 in the previous year, the business earned ($0.65) earnings per share. Nevro’s quarterly revenue was down 7.0% compared to the same quarter last year. On average, equities analysts forecast that Nevro will post -2.46 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC lifted its position 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 worth $58,000 after buying an additional 6,565 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in Nevro by 345.8% during the second quarter. Canada Pension Plan Investment Board now owns 10,700 shares of the medical equipment provider’s stock valued at $90,000 after acquiring an additional 8,300 shares during the period. State Board of Administration of Florida Retirement System lifted its position in Nevro by 14.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 11,578 shares of the medical equipment provider’s stock worth $167,000 after purchasing an additional 1,430 shares during the period. Intech Investment Management LLC acquired a new position in Nevro in the third quarter worth about $69,000. Finally, SG Americas Securities LLC acquired a new position in Nevro during the third quarter worth $71,000. 95.52% of the stock is owned by institutional investors and hedge funds.

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.