Nevro (NYSE:NVRO) Price Target Cut to $16.00

Nevro (NYSE:NVRO) had its price objective cut by Royal Bank of Canada from $18.00 to $16.00 in a report released on Monday morning, Benzinga reports. They currently have a sector perform rating on the medical equipment provider’s stock.

A number of other research firms have also recently commented on NVRO. Canaccord Genuity Group cut shares of Nevro from a buy rating to a hold rating and set a $23.00 price target on the stock. in a report on Thursday, December 21st. Citigroup cut their price target on shares of Nevro from $18.00 to $16.00 and set a neutral rating on the stock in a report on Wednesday, April 3rd. Canaccord Genuity Group restated a hold rating and issued a $23.00 price target on shares of Nevro in a report on Thursday, December 21st. Mizuho cut their price target on shares of Nevro from $20.00 to $16.00 and set a neutral rating on the stock in a report on Thursday, April 11th. Finally, Truist Financial upped their price target on shares of Nevro from $22.00 to $23.00 and gave the stock a hold rating in a report on Friday, December 22nd. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $21.23.

Nevro Trading Down 3.2 %

NVRO stock opened at $12.29 on Monday. The company has a quick ratio of 4.94, a current ratio of 6.37 and a debt-to-equity ratio of 0.72. Nevro has a twelve month low of $12.15 and a twelve month high of $39.67. The stock has a market capitalization of $450.80 million, a price-to-earnings ratio of -4.94 and a beta of 0.89. The firm’s fifty day simple moving average is $14.72 and its two-hundred day simple moving average is $16.89.

Nevro (NYSE:NVRO) last posted its quarterly earnings results on Wednesday, February 21st. The medical equipment provider reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.35. The firm had revenue of $116.18 million for the quarter, compared to analysts’ expectations of $115.93 million. Nevro had a negative net margin of 21.69% and a negative return on equity of 30.22%. As a group, analysts anticipate that Nevro will post -2.54 earnings per share for the current year.

Institutional Trading of Nevro

Hedge funds have recently modified their holdings of the company. Quarry LP lifted its position in shares of Nevro by 174.3% during the second quarter. Quarry LP now owns 1,012 shares of the medical equipment provider’s stock valued at $26,000 after buying an additional 643 shares during the last quarter. UBS Group AG lifted its position in shares of Nevro by 206.3% during the fourth quarter. UBS Group AG now owns 1,219 shares of the medical equipment provider’s stock valued at $48,000 after buying an additional 821 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Nevro by 26.8% during the third quarter. Tower Research Capital LLC TRC now owns 3,162 shares of the medical equipment provider’s stock valued at $61,000 after buying an additional 668 shares during the last quarter. Assetmark Inc. lifted its position in shares of Nevro by 30.4% during the fourth quarter. Assetmark Inc. now owns 3,131 shares of the medical equipment provider’s stock valued at $67,000 after buying an additional 730 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC purchased a new stake in shares of Nevro during the third quarter valued at about $132,000. 95.52% of the stock is owned by hedge funds and other institutional investors.

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.