Piper Sandler Upgrades Nevro (NYSE:NVRO) to “Overweight”

Nevro (NYSE:NVRO) was upgraded by research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research report issued on Friday,Briefing.com Automated Import reports. The firm presently has a $5.85 price target on the medical equipment provider’s stock, down from their previous price target of $6.00. Piper Sandler’s price objective indicates a potential upside of 2.18% from the company’s previous close.

A number of other analysts also recently weighed in on NVRO. StockNews.com upgraded shares of Nevro from a “sell” rating to a “hold” rating in a research report on Tuesday, November 19th. Robert W. Baird increased their price target on shares of Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Tuesday, November 12th. Canaccord Genuity Group dropped their target price on shares of Nevro from $7.00 to $4.00 and set a “hold” rating on the stock in a report on Monday, December 9th. Citigroup dropped their target price on shares of Nevro from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Wednesday, December 11th. Finally, Truist Financial dropped their target price 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. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $6.28.

Nevro Stock Performance

Nevro stock opened at $5.73 on Friday. The company has a current ratio of 5.02, a quick ratio of 3.76 and a debt-to-equity ratio of 0.67. Nevro has a 1 year low of $3.16 and a 1 year high of $17.75. The company has a market cap of $214.52 million, a PE ratio of -3.03 and a beta of 0.91. The company’s 50-day moving average is $4.25 and its two-hundred day moving average is $5.24.

Nevro (NYSE:NVRO) last released its earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share (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 company had revenue of $96.60 million for the quarter, compared to the consensus estimate of $93.09 million. During the same period in the prior year, the company posted ($0.65) EPS. The company’s revenue was down 7.0% compared to the same quarter last year. Equities analysts anticipate that Nevro will post -2.44 earnings per share for the current year.

Hedge Funds Weigh In On Nevro

Hedge funds have recently made changes to their positions in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of 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 acquiring an additional 566,462 shares in the last quarter. Western Standard LLC bought a new position in shares of Nevro during the 3rd quarter worth approximately $5,473,000. Charles Schwab Investment Management Inc. grew its stake in shares of Nevro by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 303,675 shares of the medical equipment provider’s stock worth $1,698,000 after acquiring an additional 11,369 shares in the last quarter. Engaged Capital LLC grew its stake in shares of Nevro by 29.5% during the 3rd quarter. Engaged Capital LLC now owns 2,442,956 shares of the medical equipment provider’s stock worth $13,656,000 after acquiring an additional 557,000 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in shares of Nevro by 27.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 929,348 shares of the medical equipment provider’s stock worth $5,195,000 after acquiring an additional 200,885 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.