Nevro (NYSE:NVRO) Price Target Lowered to $12.00 at Piper Sandler

Nevro (NYSE:NVRO) had its price target dropped by equities researchers at Piper Sandler from $15.00 to $12.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “underweight” rating on the medical equipment provider’s stock. Piper Sandler’s target price indicates a potential upside of 4.08% from the stock’s current price.

A number of other analysts have also issued reports on the company. Royal Bank of Canada lowered their price target on Nevro from $18.00 to $16.00 and set a “sector perform” rating for the company in a report on Monday, April 15th. Oppenheimer lowered Nevro from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 22nd. Mizuho lowered their price objective on shares of Nevro from $20.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday, April 11th. Citigroup cut their target price on shares of Nevro from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 3rd. Finally, Wells Fargo & Company lowered their price target on shares of Nevro from $17.00 to $14.00 and set an “equal weight” rating for the company in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $21.00.

Nevro Stock Up 3.4 %

Shares of NYSE NVRO opened at $11.53 on Wednesday. The company has a market cap of $422.92 million, a P/E ratio of -4.49 and a beta of 0.96. The firm has a 50-day simple moving average of $13.21 and a two-hundred day simple moving average of $16.27. Nevro has a 1 year low of $10.27 and a 1 year high of $28.89. 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 posted its quarterly earnings results on Tuesday, May 7th. The medical equipment provider reported ($0.70) 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 analysts’ expectations of $97.90 million. During the same period in the prior year, the business posted ($0.98) earnings per share. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. Research analysts anticipate that Nevro will post -2.54 earnings per share for the current year.

Hedge Funds Weigh In On Nevro

Several hedge funds have recently made changes to their positions in NVRO. Susquehanna Fundamental Investments LLC purchased a new stake in Nevro during the 1st quarter valued at about $1,446,000. Oppenheimer Asset Management Inc. increased its holdings in Nevro by 45.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 30,727 shares of the medical equipment provider’s stock worth $444,000 after buying an additional 9,586 shares during the period. BNP Paribas Financial Markets raised its position in Nevro by 189.3% during the 1st quarter. BNP Paribas Financial Markets now owns 51,597 shares of the medical equipment provider’s stock worth $745,000 after buying an additional 33,760 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Nevro by 56.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 123,329 shares of the medical equipment provider’s stock valued at $1,781,000 after acquiring an additional 44,273 shares during the period. Finally, Nomura Holdings Inc. boosted its holdings in shares of Nevro by 28.1% in the 4th quarter. Nomura Holdings Inc. now owns 59,250 shares of the medical equipment provider’s stock valued at $1,275,000 after acquiring an additional 13,000 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.