Nevro (NYSE:NVRO) Price Target Raised to $6.00

Nevro (NYSE:NVRO) had its target price upped by Robert W. Baird from $5.00 to $6.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a neutral rating on the medical equipment provider’s stock.

A number of other brokerages also recently commented on NVRO. StockNews.com upgraded Nevro from a “sell” rating to a “hold” rating in a research report on Saturday, November 9th. Piper Sandler decreased their target price on shares of Nevro from $12.00 to $7.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 7th. Wolfe Research upgraded shares of Nevro from an “underperform” rating to a “peer perform” rating in a research report on Thursday, August 8th. JMP Securities downgraded shares of Nevro from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company cut shares of Nevro from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $13.00 to $5.50 in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $9.10.

Nevro Stock Performance

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

Nevro (NYSE:NVRO) last announced its quarterly earnings data on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.81) by $0.40. The company had revenue of $96.60 million during the quarter, compared to analysts’ expectations of $93.09 million. Nevro had a negative net margin of 16.54% and a negative return on equity of 23.52%. Nevro’s revenue was down 7.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.65) EPS. As a group, sell-side analysts predict that Nevro will post -2.46 EPS for the current year.

Hedge Funds Weigh In On Nevro

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. ArrowMark Colorado Holdings LLC grew its position in shares of Nevro by 2.4% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 4,391,258 shares of the medical equipment provider’s stock valued at $24,547,000 after buying an additional 102,150 shares during the last quarter. Armistice Capital LLC lifted its stake in Nevro by 1.3% in the second quarter. Armistice Capital LLC now owns 3,672,000 shares of the medical equipment provider’s stock valued at $30,918,000 after buying an additional 48,000 shares during the last quarter. Engaged Capital LLC grew its position in shares of Nevro by 29.5% during the third quarter. Engaged Capital LLC now owns 2,442,956 shares of the medical equipment provider’s stock worth $13,656,000 after acquiring an additional 557,000 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Nevro by 130.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,000,000 shares of the medical equipment provider’s stock valued at $5,590,000 after purchasing an additional 566,462 shares during the period. Finally, Millennium Management LLC grew its holdings in shares of Nevro by 21.4% during the second quarter. Millennium Management LLC now owns 956,542 shares of the medical equipment provider’s stock worth $8,054,000 after buying an additional 168,573 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.