Truist Financial Lowers Nevro (NYSE:NVRO) Price Target to $4.70

Nevro (NYSE:NVRO) had its price target reduced by equities research analysts at Truist Financial from $7.00 to $4.70 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the medical equipment provider’s stock. Truist Financial’s price objective points to a potential upside of 30.92% from the company’s current price.

A number of other equities research analysts have also commented on the company. Canaccord Genuity Group decreased their price objective on Nevro from $7.00 to $4.00 and set a “hold” rating for the company in a research report on Monday, December 9th. Citigroup decreased their price target on shares of Nevro from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Wednesday, December 11th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $7.00 price objective on shares of Nevro in a research note on Tuesday, November 12th. Robert W. Baird lifted their target price on shares of Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Tuesday, November 12th. Finally, Piper Sandler lowered their price target on shares of Nevro from $7.00 to $6.00 and set an “underweight” rating on the stock in a report on Tuesday, November 12th. Three research analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $7.97.

Nevro Stock Down 4.0 %

NVRO stock opened at $3.59 on Wednesday. The company has a debt-to-equity ratio of 0.67, a current ratio of 5.02 and a quick ratio of 3.76. The firm has a market capitalization of $134.52 million, a P/E ratio of -1.90 and a beta of 0.84. Nevro has a 52-week low of $3.56 and a 52-week high of $22.52. The company’s 50 day simple moving average is $4.68 and its 200-day simple moving average is $6.35.

Nevro (NYSE:NVRO) last announced its earnings results 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 for 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 company’s revenue was down 7.0% on a year-over-year basis. During the same period in the previous year, the business earned ($0.65) EPS. As a group, equities research analysts anticipate that Nevro will post -2.43 EPS for the current year.

Hedge Funds Weigh In On Nevro

Several institutional investors have recently bought and sold shares of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Nevro by 130.7% during 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 acquiring an additional 566,462 shares during the last quarter. Point72 Asset Management L.P. grew its holdings in Nevro by 3,446.5% during the second quarter. Point72 Asset Management L.P. now owns 152,500 shares of the medical equipment provider’s stock valued at $1,284,000 after purchasing an additional 148,200 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of Nevro by 154.1% in the second quarter. Acadian Asset Management LLC now owns 241,186 shares of the medical equipment provider’s stock valued at $2,029,000 after purchasing an additional 146,276 shares during the period. Western Standard LLC acquired a new stake in shares of Nevro in the third quarter worth $5,473,000. Finally, Millennium Management LLC boosted its holdings in shares of Nevro by 21.4% during the 2nd 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 period. 95.52% of the stock is currently owned by institutional investors.

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.