Citigroup Cuts Nevro (NYSE:NVRO) Price Target to $5.00

Nevro (NYSE:NVRO) had its price objective decreased by Citigroup from $6.00 to $5.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Citigroup currently has a neutral rating on the medical equipment provider’s stock.

A number of other research firms have also weighed in on NVRO. Canaccord Genuity Group lowered their price target on shares of Nevro from $7.00 to $4.00 and set a “hold” rating for the company in a report on Monday, December 9th. StockNews.com raised Nevro from a “sell” rating to a “hold” rating in a research report on Tuesday, November 19th. Morgan Stanley downgraded Nevro from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $9.00 to $4.00 in a report on Monday, December 2nd. JMP Securities restated a “market perform” rating on shares of Nevro in a report on Tuesday, November 12th. Finally, Piper Sandler reduced their target price on Nevro from $7.00 to $6.00 and set an “underweight” rating for the company in a research note on Tuesday, November 12th. Three investment analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $8.05.

Nevro Stock Down 3.4 %

Shares of NYSE NVRO opened at $4.08 on Wednesday. The stock has a fifty day moving average price of $4.77 and a 200 day moving average price of $6.54. 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 12-month low of $3.92 and a 12-month high of $22.64. The company has a market cap of $152.69 million, a P/E ratio of -2.16 and a beta of 0.84.

Nevro (NYSE:NVRO) last announced its earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) EPS for the quarter, beating the consensus estimate of ($0.81) by $0.40. The business had revenue of $96.60 million for the quarter, compared to the consensus estimate of $93.09 million. Nevro had a negative return on equity of 23.52% and a negative net margin of 16.54%. The company’s revenue was down 7.0% on a year-over-year basis. During the same period last year, the business posted ($0.65) EPS. Research analysts anticipate that Nevro will post -2.43 EPS for the current fiscal year.

Institutional Investors Weigh In On Nevro

Several large investors have recently added to or reduced their stakes in NVRO. Rhumbline Advisers increased its holdings in shares of Nevro by 5.0% in the 2nd quarter. Rhumbline Advisers now owns 58,995 shares of the medical equipment provider’s stock worth $497,000 after acquiring an additional 2,836 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Nevro by 1,788.8% during the second quarter. Nisa Investment Advisors LLC now owns 6,932 shares of the medical equipment provider’s stock worth $58,000 after buying an additional 6,565 shares during the period. Blair William & Co. IL grew its holdings in Nevro by 13.9% in the 2nd quarter. Blair William & Co. IL now owns 59,404 shares of the medical equipment provider’s stock worth $500,000 after buying an additional 7,250 shares in the last quarter. Canada Pension Plan Investment Board increased its position in Nevro by 345.8% in the 2nd quarter. Canada Pension Plan Investment Board now owns 10,700 shares of the medical equipment provider’s stock valued at $90,000 after acquiring an additional 8,300 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Nevro by 7.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 127,866 shares of the medical equipment provider’s stock valued at $1,077,000 after acquiring an additional 8,673 shares during the period. 95.52% of the stock is 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.