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

Nevro (NYSE:NVRO) had its price target reduced by equities research analysts at Citigroup from $6.00 to $5.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the medical equipment provider’s stock. Citigroup’s target price would suggest a potential upside of 18.48% from the company’s current price.

Several other equities analysts have also commented on the stock. StockNews.com upgraded shares of Nevro from a “sell” rating to a “hold” rating in a research report on Tuesday, November 19th. Canaccord Genuity Group lowered their target price on shares of Nevro from $7.00 to $4.00 and set a “hold” rating for the company in a report on Monday. Royal Bank of Canada restated a “sector perform” rating and issued a $7.00 target price on shares of Nevro in a report on Tuesday, November 12th. Robert W. Baird raised their target price on shares of Nevro from $5.00 to $6.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. Finally, Piper Sandler lowered their target price on shares of Nevro from $7.00 to $6.00 and set an “underweight” rating for the company in a report on Tuesday, November 12th. Three investment analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, Nevro has a consensus rating of “Hold” and a consensus price target of $8.05.

Nevro Price Performance

NVRO stock opened at $4.22 on Wednesday. Nevro has a 52 week low of $3.95 and a 52 week high of $22.64. The company has a quick ratio of 3.76, a current ratio of 5.02 and a debt-to-equity ratio of 0.67. The company has a fifty day simple moving average of $4.77 and a two-hundred day simple moving average of $6.54. The firm has a market capitalization of $158.13 million, a P/E ratio of -2.23 and a beta of 0.84.

Nevro (NYSE:NVRO) last released its quarterly earnings data 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. Nevro had a negative net margin of 16.54% and a negative return on equity of 23.52%. The business had revenue of $96.60 million during the quarter, compared to analyst estimates of $93.09 million. During the same quarter last year, the business earned ($0.65) earnings per share. Nevro’s quarterly revenue was down 7.0% compared to the same quarter last year. Analysts anticipate that Nevro will post -2.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nevro

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers increased its position in Nevro by 5.0% during the 2nd quarter. Rhumbline Advisers now owns 58,995 shares of the medical equipment provider’s stock valued at $497,000 after purchasing an additional 2,836 shares during the period. Nisa Investment Advisors LLC increased its position in Nevro by 1,788.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 6,932 shares of the medical equipment provider’s stock valued at $58,000 after purchasing an additional 6,565 shares during the period. Blair William & Co. IL increased its position in Nevro by 13.9% during the 2nd quarter. Blair William & Co. IL now owns 59,404 shares of the medical equipment provider’s stock valued at $500,000 after purchasing an additional 7,250 shares during the period. Canada Pension Plan Investment Board increased its position in Nevro by 345.8% during 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 purchasing an additional 8,300 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Nevro by 7.3% during 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 purchasing an additional 8,673 shares during the period. 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.