Nevro (NYSE:NVRO) Rating Increased to Overweight at Piper Sandler

Piper Sandler upgraded shares of Nevro (NYSE:NVRO) from a neutral rating to an overweight rating in a report issued on Friday morning, Marketbeat Ratings reports. Piper Sandler currently has $5.85 target price on the medical equipment provider’s stock, down from their previous target price of $6.00.

Several other brokerages have also commented on NVRO. StockNews.com upgraded Nevro from a “sell” rating to a “hold” rating in a research report on Tuesday, November 19th. Canaccord Genuity Group cut their price target on Nevro from $7.00 to $4.00 and set a “hold” rating on the stock in a report on Monday, December 9th. Morgan Stanley lowered shares of Nevro from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $9.00 to $4.00 in a research note on Monday, December 2nd. Citigroup cut their target price on shares of Nevro from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 11th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Nevro in a research note on Tuesday, November 12th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $6.49.

Nevro Stock Performance

NYSE:NVRO opened at $5.72 on Friday. Nevro has a 52 week low of $3.16 and a 52 week high of $17.75. The company has a debt-to-equity ratio of 0.67, a quick ratio of 3.76 and a current ratio of 5.02. The firm’s fifty day moving average is $4.30 and its 200-day moving average is $5.18. The firm has a market cap of $214.33 million, a P/E ratio of -3.03 and a beta of 0.91.

Nevro (NYSE:NVRO) last issued its quarterly earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) EPS for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.40. Nevro had a negative net margin of 16.54% and a negative return on equity of 23.52%. The business had revenue of $96.60 million for the quarter, compared to analysts’ expectations of $93.09 million. During the same quarter in the prior year, the firm posted ($0.65) earnings per share. The business’s quarterly revenue was down 7.0% compared to the same quarter last year. Equities analysts expect that Nevro will post -2.43 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Amundi bought a new position in Nevro in the 4th quarter valued at about $30,000. PNC Financial Services Group Inc. lifted its holdings in shares of Nevro by 62.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 20,548 shares of the medical equipment provider’s stock valued at $76,000 after purchasing an additional 7,889 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Nevro during the fourth quarter valued at approximately $287,000. Charles Schwab Investment Management Inc. grew its holdings in Nevro by 3.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 314,481 shares of the medical equipment provider’s stock worth $1,170,000 after buying an additional 10,806 shares in the last quarter. Finally, Norden Group LLC purchased a new stake in Nevro in the 4th quarter valued at $84,000. 95.52% of the stock is currently 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.