Brokerages Set Nevro Corp. (NYSE:NVRO) Target Price at $6.30

Shares of Nevro Corp. (NYSE:NVRO) have received an average rating of “Reduce” from the thirteen ratings firms that are presently covering the company, Marketbeat reports. Three research analysts have rated the stock with a sell rating and ten have given a hold rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $6.30.

NVRO has been the topic of a number of analyst reports. Truist Financial reduced their price objective on shares of Nevro from $7.00 to $4.70 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Robert W. Baird increased their price objective on Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. Canaccord Genuity Group decreased their target price on Nevro from $7.00 to $4.00 and set a “hold” rating for the company in a research note on Monday, December 9th. Wells Fargo & Company dropped their price target on shares of Nevro from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research note on Wednesday, December 11th. Finally, Citigroup reduced their price objective on shares of Nevro from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Wednesday, December 11th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Nevro by 130.7% during 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 purchasing an additional 566,462 shares during the period. Point72 Asset Management L.P. raised its position in 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 acquiring an additional 148,200 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Nevro by 154.1% during the 2nd quarter. Acadian Asset Management LLC now owns 241,186 shares of the medical equipment provider’s stock worth $2,029,000 after purchasing an additional 146,276 shares in the last quarter. Western Standard LLC acquired a new position in shares of Nevro during the 3rd quarter worth $5,473,000. Finally, Millennium Management LLC increased its holdings in shares of Nevro by 21.4% in the 2nd quarter. Millennium Management LLC now owns 956,542 shares of the medical equipment provider’s stock valued at $8,054,000 after purchasing an additional 168,573 shares in the last quarter. 95.52% of the stock is currently owned by hedge funds and other institutional investors.

Nevro Trading Down 8.4 %

NVRO opened at $3.69 on Friday. The business has a fifty day moving average price of $4.18 and a 200 day moving average price of $5.65. The company has a debt-to-equity ratio of 0.67, a current ratio of 5.02 and a quick ratio of 3.76. Nevro has a 12 month low of $3.16 and a 12 month high of $19.47. The stock has a market capitalization of $138.27 million, a price-to-earnings ratio of -1.95 and a beta of 0.86.

Nevro (NYSE:NVRO) last announced its quarterly earnings data 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 business had revenue of $96.60 million during the quarter, compared to the consensus estimate of $93.09 million. Nevro had a negative return on equity of 23.52% and a negative net margin of 16.54%. The business’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.65) earnings per share. Sell-side analysts expect that Nevro will post -2.43 earnings per share for the current fiscal year.

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.