Citigroup Cuts Nevro (NYSE:NVRO) Price Target to $5.00

Nevro (NYSE:NVRO) had its price target decreased by stock analysts at Citigroup from $6.00 to $5.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the medical equipment provider’s stock. Citigroup’s price target indicates a potential upside of 16.28% from the company’s current price.

A number of other research analysts have also recently commented on the stock. Canaccord Genuity Group decreased their target price on shares of Nevro from $7.00 to $4.00 and set a “hold” rating on the stock in a research report on Monday. Royal Bank of Canada restated a “sector perform” rating and set a $7.00 target price on shares of Nevro in a research note on Tuesday, November 12th. Morgan Stanley downgraded shares of Nevro from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $9.00 to $4.00 in a research note on Monday, December 2nd. Robert W. Baird increased their price objective on shares of Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Tuesday, November 12th. Finally, StockNews.com upgraded Nevro from a “sell” rating to a “hold” rating in a research note on Tuesday, November 19th. Three analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $8.05.

Nevro Trading Down 0.9 %

Nevro stock traded down $0.04 during midday trading on Wednesday, hitting $4.30. 136,917 shares of the stock were exchanged, compared to its average volume of 562,626. The company has a current ratio of 5.02, a quick ratio of 3.76 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $161.12 million, a price-to-earnings ratio of -2.28 and a beta of 0.84. The stock’s 50-day simple moving average is $4.80 and its 200 day simple moving average is $6.57. Nevro has a fifty-two week low of $3.95 and a fifty-two week high of $22.64.

Nevro (NYSE:NVRO) last issued its quarterly earnings data on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $93.09 million. During the same period in the prior year, the business posted ($0.65) earnings per share. The firm’s revenue for the quarter was down 7.0% compared to the same quarter last year. On average, equities analysts anticipate that Nevro will post -2.43 EPS for the current year.

Institutional Investors Weigh In On Nevro

Several institutional investors and hedge funds have recently made changes to their positions in NVRO. Assenagon Asset Management S.A. lifted its holdings in Nevro by 490.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 728,463 shares of the medical equipment provider’s stock valued at $6,134,000 after purchasing an additional 605,134 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in Nevro by 3,446.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 152,500 shares of the medical equipment provider’s stock valued at $1,284,000 after purchasing an additional 148,200 shares in the last quarter. Acadian Asset Management LLC grew its position in Nevro by 154.1% in the second quarter. Acadian Asset Management LLC now owns 241,186 shares of the medical equipment provider’s stock valued at $2,029,000 after acquiring an additional 146,276 shares in the last quarter. Millennium Management LLC increased its holdings in Nevro by 21.4% during the 2nd quarter. Millennium Management LLC now owns 956,542 shares of the medical equipment provider’s stock worth $8,054,000 after purchasing an additional 168,573 shares during the last quarter. Finally, Western Standard LLC purchased a new position in shares of Nevro during the 3rd quarter valued at approximately $5,473,000. 95.52% of the stock is currently owned by hedge funds and other institutional investors.

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.