Brokerages Set Nevro Corp. (NYSE:NVRO) Price Target at $6.30

Shares of Nevro Corp. (NYSE:NVRO) have earned an average rating of “Reduce” from the fourteen analysts that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, eleven have given a hold recommendation and one has given a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $6.43.

Several brokerages have issued reports on NVRO. Robert W. Baird upped their price target on shares of Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. Piper Sandler raised Nevro from a “neutral” rating to an “overweight” rating and reduced their target price for the company from $6.00 to $5.85 in a research note on Friday. Wells Fargo & Company cut their price target on Nevro from $5.00 to $4.00 and set an “equal weight” rating for the company in a report on Wednesday, December 11th. Citigroup decreased their price objective on Nevro from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 11th. Finally, Truist Financial cut their target price on shares of Nevro from $7.00 to $4.70 and set a “hold” rating for the company in a research note on Wednesday, December 18th.

Institutional Investors Weigh In On Nevro

Several hedge funds have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Nevro by 130.7% in the 3rd 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 last quarter. Western Standard LLC acquired a new position in Nevro in the third quarter valued at $5,473,000. 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 acquiring an additional 168,573 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Nevro by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 303,675 shares of the medical equipment provider’s stock worth $1,698,000 after purchasing an additional 11,369 shares during the period. Finally, Engaged Capital LLC increased its position in shares of Nevro by 29.5% in 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 in the last quarter. 95.52% of the stock is owned by institutional investors and hedge funds.

Nevro Stock Performance

Shares of NVRO stock opened at $5.72 on Thursday. The stock has a fifty day moving average price of $4.30 and a 200 day moving average price of $5.15. The company has a debt-to-equity ratio of 0.67, a quick ratio of 3.76 and a current ratio of 5.02. The stock has a market cap of $214.19 million, a PE ratio of -3.02 and a beta of 0.91. Nevro has a 1 year low of $3.16 and a 1 year high of $17.75.

Nevro (NYSE:NVRO) last released its quarterly earnings data on Monday, November 11th. The medical equipment provider reported ($0.41) EPS for the quarter, topping the consensus estimate of ($0.81) by $0.40. Nevro had a negative net margin of 16.54% and a negative return on equity of 23.52%. The business had revenue of $96.60 million for the quarter, compared to analyst estimates of $93.09 million. During the same period in the previous year, the firm earned ($0.65) EPS. The business’s revenue for the quarter was down 7.0% compared to the same quarter last year. Sell-side analysts forecast that Nevro will post -2.43 earnings per share for the current fiscal year.

Nevro Company Profile

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.