Canaccord Genuity Group Issues Pessimistic Forecast for Nevro (NYSE:NVRO) Stock Price

Nevro (NYSE:NVRO) had its price objective decreased by equities research analysts at Canaccord Genuity Group from $8.00 to $7.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “hold” rating on the medical equipment provider’s stock. Canaccord Genuity Group’s price target indicates a potential upside of 26.35% from the stock’s previous close.

NVRO has been the topic of several other reports. Truist Financial lowered their price objective on shares of Nevro from $10.00 to $5.50 and set a “hold” rating on the stock in a research note on Thursday, August 8th. Citigroup lowered their target price on shares of Nevro from $6.89 to $6.00 and set a “neutral” rating on the stock in a report on Tuesday, October 1st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $7.00 price objective on shares of Nevro in a research note on Tuesday. StockNews.com upgraded Nevro from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, Robert W. Baird increased their target price on shares of Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Tuesday. Three equities research analysts have rated the stock with a sell rating and twelve have given a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $9.10.

Nevro Stock Up 4.1 %

Shares of NYSE:NVRO traded up $0.22 during midday trading on Tuesday, reaching $5.54. The company had a trading volume of 962,791 shares, compared to its average volume of 554,784. Nevro has a 1-year low of $4.38 and a 1-year high of $22.64. The stock has a market cap of $206.53 million, a PE ratio of -2.90 and a beta of 0.93. The company has a quick ratio of 3.53, a current ratio of 4.77 and a debt-to-equity ratio of 0.66. The business’s 50 day moving average price is $5.25 and its 200 day moving average price is $7.53.

Institutional Trading of Nevro

Several institutional investors have recently made changes to their positions in the company. Armistice Capital LLC lifted its position in shares of Nevro by 1.3% during the second quarter. Armistice Capital LLC now owns 3,672,000 shares of the medical equipment provider’s stock valued at $30,918,000 after purchasing an additional 48,000 shares in the last quarter. Millennium Management LLC lifted its position in shares of Nevro by 21.4% during the 2nd quarter. Millennium Management LLC now owns 956,542 shares of the medical equipment provider’s stock worth $8,054,000 after buying an additional 168,573 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Nevro by 27.6% in 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 buying an additional 200,885 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Nevro by 5.0% in the 2nd quarter. Renaissance Technologies LLC now owns 368,100 shares of the medical equipment provider’s stock worth $3,099,000 after buying an additional 17,600 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Nevro by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 303,675 shares of the medical equipment provider’s stock valued at $1,698,000 after acquiring an additional 11,369 shares in the last quarter. 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.