Citigroup Trims Nevro (NYSE:NVRO) Target Price to $6.00

Nevro (NYSE:NVRO) had its price target reduced by Citigroup from $6.89 to $6.00 in a research report sent to investors on Tuesday morning, Benzinga reports. Citigroup currently has a neutral rating on the medical equipment provider’s stock.

A number of other research analysts have also issued reports on the company. Wells Fargo & Company lowered Nevro from an equal weight rating to an underweight rating and reduced their price objective for the company from $13.00 to $5.50 in a research report on Wednesday, August 7th. StockNews.com raised Nevro from a sell rating to a hold rating in a research note on Monday, September 30th. Robert W. Baird dropped their price objective on Nevro from $11.00 to $8.00 and set a neutral rating on the stock in a research note on Wednesday, August 7th. Morgan Stanley dropped their price objective on Nevro from $14.00 to $9.00 and set an equal weight rating on the stock in a research note on Monday, July 15th. Finally, JMP Securities downgraded Nevro from an outperform rating to a market perform rating in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating and twelve have given a hold rating to the stock. Based on data from MarketBeat, Nevro presently has an average rating of Hold and a consensus price target of $10.55.

Nevro Trading Up 0.4 %

NYSE:NVRO opened at $4.97 on Tuesday. Nevro has a 12-month low of $4.38 and a 12-month high of $22.64. The firm has a market capitalization of $182.54 million, a P/E ratio of -2.17 and a beta of 0.94. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.77 and a quick ratio of 3.53. The business has a 50 day simple moving average of $6.03 and a 200 day simple moving average of $9.02.

Nevro (NYSE:NVRO) last released its quarterly earnings data on Tuesday, August 6th. The medical equipment provider reported ($0.53) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.10. Nevro had a negative return on equity of 24.89% and a negative net margin of 18.17%. The business had revenue of $104.16 million during the quarter, compared to analyst estimates of $107.11 million. During the same quarter in the previous year, the firm posted ($0.69) EPS. The business’s revenue for the quarter was down 4.3% compared to the same quarter last year. Equities research analysts predict that Nevro will post -2.6 EPS for the current year.

Institutional Investors Weigh In On Nevro

Institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Nevro during the fourth quarter valued at approximately $8,498,000. Goldman Sachs Group Inc. lifted its position in Nevro by 69.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,048,026 shares of the medical equipment provider’s stock worth $22,554,000 after buying an additional 431,136 shares in the last quarter. Nomura Holdings Inc. grew its holdings in Nevro by 28.1% during the 4th quarter. Nomura Holdings Inc. now owns 59,250 shares of the medical equipment provider’s stock worth $1,275,000 after acquiring an additional 13,000 shares during the last quarter. BNP Paribas Financial Markets increased its position in Nevro by 189.3% in the 1st quarter. BNP Paribas Financial Markets now owns 51,597 shares of the medical equipment provider’s stock valued at $745,000 after acquiring an additional 33,760 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. raised its stake in shares of Nevro by 45.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 30,727 shares of the medical equipment provider’s stock worth $444,000 after acquiring an additional 9,586 shares during the last quarter. 95.52% of the stock is owned by institutional investors and hedge funds.

About Nevro

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.