Nevro (NYSE:NVRO) Price Target Cut to $12.00 by Analysts at Piper Sandler

Nevro (NYSE:NVRO) had its target price trimmed by Piper Sandler from $15.00 to $12.00 in a report published on Wednesday morning, Benzinga reports. They currently have an underweight rating on the medical equipment provider’s stock.

Other equities research analysts have also issued research reports about the company. Wells Fargo & Company cut their target price on Nevro from $17.00 to $14.00 and set an equal weight rating on the stock in a research report on Monday, April 8th. Oppenheimer downgraded shares of Nevro from an outperform rating to a market perform rating in a research report on Thursday, February 22nd. Mizuho cut their target price on shares of Nevro from $20.00 to $16.00 and set a neutral rating on the stock in a research note on Thursday, April 11th. Royal Bank of Canada decreased their price target on shares of Nevro from $18.00 to $16.00 and set a sector perform rating for the company in a research note on Monday, April 15th. Finally, Robert W. Baird cut their price objective on shares of Nevro from $23.00 to $19.00 and set a neutral rating on the stock in a research report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Nevro currently has an average rating of Hold and an average target price of $20.00.

Nevro Price Performance

Nevro stock opened at $10.17 on Wednesday. The stock’s 50 day moving average is $13.12 and its 200 day moving average is $16.23. Nevro has a one year low of $10.06 and a one year high of $28.89. The firm has a market cap of $373.04 million, a P/E ratio of -3.96 and a beta of 0.96. The company has a debt-to-equity ratio of 0.72, a current ratio of 6.37 and a quick ratio of 4.94.

Nevro (NYSE:NVRO) last issued its quarterly earnings results on Tuesday, May 7th. The medical equipment provider reported ($0.70) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.02) by $0.32. Nevro had a negative net margin of 21.69% and a negative return on equity of 30.22%. The firm had revenue of $101.90 million for the quarter, compared to the consensus estimate of $97.90 million. During the same quarter in the previous year, the company earned ($0.98) EPS. The company’s revenue for the quarter was up 5.8% on a year-over-year basis. As a group, research analysts expect that Nevro will post -2.54 EPS for the current year.

Hedge Funds Weigh In On Nevro

Several hedge funds have recently modified their holdings of NVRO. Assetmark Inc. raised its position in Nevro by 30.4% in the fourth quarter. Assetmark Inc. now owns 3,131 shares of the medical equipment provider’s stock worth $67,000 after acquiring an additional 730 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Nevro by 83.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,970 shares of the medical equipment provider’s stock valued at $192,000 after purchasing an additional 4,547 shares during the last quarter. Versor Investments LP lifted its stake in Nevro by 22.9% in the third quarter. Versor Investments LP now owns 11,017 shares of the medical equipment provider’s stock valued at $212,000 after purchasing an additional 2,050 shares during the last quarter. State Board of Administration of Florida Retirement System grew its holdings in Nevro by 14.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 11,578 shares of the medical equipment provider’s stock valued at $167,000 after purchasing an additional 1,430 shares during the period. Finally, Natixis Advisors L.P. purchased a new stake in Nevro in the third quarter worth $248,000. 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.