Canaccord Genuity Group Cuts Nevro (NYSE:NVRO) Price Target to $7.00

Nevro (NYSE:NVRO) had its price target cut by Canaccord Genuity Group from $8.00 to $7.00 in a report released on Tuesday,Benzinga reports. They currently have a hold rating on the medical equipment provider’s stock.

Several other equities analysts also recently weighed in on NVRO. Piper Sandler dropped their price target on Nevro from $7.00 to $6.00 and set an “underweight” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. lowered shares of Nevro from a “neutral” rating to an “underweight” rating in a report on Wednesday, August 7th. Wells Fargo & Company downgraded shares of Nevro from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $13.00 to $5.50 in a report on Wednesday, August 7th. Citigroup reduced their price objective on shares of Nevro from $6.89 to $6.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 1st. Finally, Robert W. Baird boosted their price target on Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Tuesday. Three equities research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $9.10.

Nevro Stock Down 8.7 %

NYSE NVRO opened at $4.07 on Tuesday. Nevro has a 52-week low of $4.00 and a 52-week high of $22.64. The firm has a 50-day moving average price of $5.21 and a 200 day moving average price of $7.42. The company has a debt-to-equity ratio of 0.67, a current ratio of 5.02 and a quick ratio of 3.53.

Nevro (NYSE:NVRO) last announced its quarterly earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.40. The business had revenue of $96.60 million during the quarter, compared to the consensus estimate of $93.09 million. Nevro had a negative net margin of 16.54% and a negative return on equity of 23.52%. The business’s revenue was down 7.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.65) EPS. On average, equities research analysts predict that Nevro will post -2.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nevro

Hedge funds and other institutional investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. boosted its position in shares of Nevro by 490.7% in the second quarter. Assenagon Asset Management S.A. now owns 728,463 shares of the medical equipment provider’s stock worth $6,134,000 after buying an additional 605,134 shares during the period. Point72 Asset Management L.P. lifted its position in shares of Nevro by 3,446.5% in the second quarter. Point72 Asset Management L.P. now owns 152,500 shares of the medical equipment provider’s stock worth $1,284,000 after purchasing an additional 148,200 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Nevro by 154.1% during the second quarter. Acadian Asset Management LLC now owns 241,186 shares of the medical equipment provider’s stock worth $2,029,000 after purchasing an additional 146,276 shares during the period. Millennium Management LLC grew its position in Nevro by 21.4% during the second quarter. Millennium Management LLC now owns 956,542 shares of the medical equipment provider’s stock valued at $8,054,000 after purchasing an additional 168,573 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in Nevro by 18.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 45,016 shares of the medical equipment provider’s stock valued at $651,000 after buying an additional 7,004 shares during the period. Institutional investors and hedge funds own 95.52% of the company’s stock.

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.