Wells Fargo & Company Cuts Nevro (NYSE:NVRO) Price Target to $4.00

Nevro (NYSE:NVRO) had its target price cut by Wells Fargo & Company from $5.00 to $4.00 in a research report released on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the medical equipment provider’s stock.

Other equities analysts have also recently issued research reports about the stock. Morgan Stanley cut shares of Nevro from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $9.00 to $4.00 in a research report on Monday, December 2nd. JMP Securities reissued a “market perform” rating on shares of Nevro in a research report on Tuesday, November 12th. Piper Sandler dropped their price target on Nevro from $7.00 to $6.00 and set an “underweight” rating on the stock in a research report on Tuesday, November 12th. Canaccord Genuity Group reduced their price target on Nevro from $7.00 to $4.00 and set a “hold” rating on the stock in a research note on Monday, December 9th. Finally, Robert W. Baird raised their price objective on Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Tuesday, November 12th. Three analysts have rated the stock with a sell rating and twelve have issued a hold rating to the stock. According to MarketBeat, Nevro currently has a consensus rating of “Hold” and an average target price of $8.05.

Nevro Price Performance

Shares of Nevro stock opened at $4.08 on Wednesday. The company’s fifty day simple moving average is $4.77 and its two-hundred day simple moving average is $6.54. Nevro has a 12-month low of $3.92 and a 12-month high of $22.64. The firm has a market cap of $152.69 million, a PE ratio of -2.16 and a beta of 0.84. The company has a quick ratio of 3.76, a current ratio of 5.02 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) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.81) by $0.40. The company had revenue of $96.60 million for the quarter, compared to analysts’ expectations of $93.09 million. Nevro had a negative return on equity of 23.52% and a negative net margin of 16.54%. Nevro’s quarterly revenue was down 7.0% on a year-over-year basis. During the same period last year, the firm earned ($0.65) earnings per share. As a group, equities analysts expect that Nevro will post -2.43 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NVRO. Assenagon Asset Management S.A. raised 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 worth $6,134,000 after acquiring an additional 605,134 shares during the last quarter. Point72 Asset Management L.P. raised its stake in shares of Nevro by 3,446.5% in the second quarter. Point72 Asset Management L.P. now owns 152,500 shares of the medical equipment provider’s stock worth $1,284,000 after purchasing an additional 148,200 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Nevro by 154.1% during 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 purchasing an additional 146,276 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Nevro by 130.7% during the third 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 valued at $5,590,000 after buying an additional 566,462 shares during the last quarter. Finally, Western Standard LLC bought a new stake in Nevro in the 3rd quarter worth about $5,473,000. Institutional investors 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.