Nevro (NYSE:NVRO) Price Target Cut to $6.00 by Analysts at Citigroup

Nevro (NYSE:NVRO) had its price target cut by Citigroup from $6.89 to $6.00 in a report released on Tuesday, Benzinga reports. They currently have a neutral rating on the medical equipment provider’s stock.

Other analysts also recently issued reports about the company. Truist Financial lowered their target price on Nevro from $10.00 to $5.50 and set a hold rating for the company in a research note on Thursday, August 8th. Robert W. Baird lowered their price objective on Nevro from $11.00 to $8.00 and set a neutral rating for the company in a research note on Wednesday, August 7th. Wells Fargo & Company lowered Nevro from an equal weight rating to an underweight rating and cut their target price for the company from $13.00 to $5.50 in a research report on Wednesday, August 7th. JMP Securities downgraded shares of Nevro from an outperform rating to a market perform rating in a research report on Wednesday, August 7th. Finally, StockNews.com raised shares of Nevro from a sell rating to a hold rating in a report on Monday. Three investment analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. According to data from MarketBeat.com, Nevro presently has a consensus rating of Hold and a consensus target price of $10.55.

Nevro Stock Performance

Shares of NYSE:NVRO opened at $5.23 on Tuesday. The business’s 50-day simple moving average is $6.40 and its 200 day simple moving average is $9.20. The company has a market cap of $192.09 million, a P/E ratio of -2.28 and a beta of 0.94. The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.53 and a current ratio of 4.77. Nevro has a one year low of $4.38 and a one year high of $22.64.

Nevro (NYSE:NVRO) last posted its quarterly earnings data on Tuesday, August 6th. The medical equipment provider reported ($0.53) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.10. The company had revenue of $104.16 million for the quarter, compared to analyst estimates of $107.11 million. Nevro had a negative net margin of 18.17% and a negative return on equity of 24.89%. The business’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.69) earnings per share. On average, sell-side analysts forecast that Nevro will post -2.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nevro

A number of institutional investors have recently modified their holdings of the business. Armistice Capital LLC lifted its holdings in Nevro by 1.3% in the second quarter. Armistice Capital LLC now owns 3,672,000 shares of the medical equipment provider’s stock worth $30,918,000 after acquiring an additional 48,000 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Nevro by 69.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,048,026 shares of the medical equipment provider’s stock worth $22,554,000 after purchasing an additional 431,136 shares during the last quarter. Millennium Management LLC boosted its position in Nevro by 21.4% during 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 during the period. Assenagon Asset Management S.A. grew its stake in Nevro by 490.7% during 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 buying an additional 605,134 shares during the last quarter. Finally, Norges Bank acquired a new stake in Nevro in the fourth quarter worth $8,498,000. 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.