Canaccord Genuity Group Lowers Nevro (NYSE:NVRO) Price Target to $11.00

Nevro (NYSE:NVRO) had its target price cut by research analysts at Canaccord Genuity Group from $17.00 to $11.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the medical equipment provider’s stock. Canaccord Genuity Group’s price target points to a potential upside of 4.56% from the stock’s current price.

Other analysts have also issued reports about the company. Piper Sandler cut their price objective on Nevro from $15.00 to $12.00 and set an “underweight” rating for the company in a report on Wednesday. Citigroup reduced their target price on Nevro from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, April 3rd. Wells Fargo & Company dropped their price target on shares of Nevro from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Wednesday. StockNews.com upgraded shares of Nevro from a “sell” rating to a “hold” rating in a report on Friday, March 1st. Finally, Oppenheimer lowered shares of Nevro from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $20.00.

Nevro Price Performance

NYSE NVRO opened at $10.52 on Wednesday. The stock’s 50-day moving average price is $13.04 and its two-hundred day moving average price is $16.19. The company has a market cap of $385.88 million, a PE ratio of -4.09 and a beta of 0.96. The company has a current ratio of 6.37, a quick ratio of 4.94 and a debt-to-equity ratio of 0.72. Nevro has a 1 year low of $10.02 and a 1 year high of $28.89.

Nevro (NYSE:NVRO) last posted its quarterly earnings data on Tuesday, May 7th. The medical equipment provider reported ($0.70) EPS for the quarter, topping analysts’ consensus estimates of ($1.02) by $0.32. The firm had revenue of $101.90 million during the quarter, compared to analyst estimates of $97.90 million. Nevro had a negative net margin of 21.69% and a negative return on equity of 30.22%. The company’s revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the business posted ($0.98) EPS. On average, analysts predict that Nevro will post -2.54 EPS for the current year.

Institutional Investors Weigh In On Nevro

Several institutional investors and hedge funds have recently added to or reduced their stakes in NVRO. Federated Hermes Inc. increased its position in shares of Nevro by 380.1% during the 4th quarter. Federated Hermes Inc. now owns 431,153 shares of the medical equipment provider’s stock worth $9,278,000 after purchasing an additional 341,343 shares during the last quarter. Palo Alto Investors LP lifted its position in shares of Nevro by 107.7% in the third quarter. Palo Alto Investors LP now owns 386,832 shares of the medical equipment provider’s stock valued at $7,435,000 after buying an additional 200,573 shares during the last quarter. Swiss National Bank increased its stake in shares of Nevro by 1.3% during the third quarter. Swiss National Bank now owns 78,800 shares of the medical equipment provider’s stock worth $1,515,000 after purchasing an additional 1,000 shares during the period. Walleye Capital LLC lifted its holdings in Nevro by 301.4% during the 3rd quarter. Walleye Capital LLC now owns 118,764 shares of the medical equipment provider’s stock worth $2,283,000 after purchasing an additional 89,179 shares during the last quarter. Finally, UBS Group AG grew its holdings in Nevro by 19,354.5% in the 3rd quarter. UBS Group AG now owns 903,272 shares of the medical equipment provider’s stock valued at $17,361,000 after buying an additional 898,629 shares in the last quarter. 95.52% of the stock is owned by 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.