Nevro (NYSE:NVRO) Given New $6.00 Price Target at Citigroup

Nevro (NYSE:NVRO) had its price target reduced by Citigroup from $6.89 to $6.00 in a report issued on Tuesday morning, Benzinga reports. They currently have a neutral rating on the medical equipment provider’s stock.

NVRO has been the topic of a number of other research reports. Wells Fargo & Company lowered shares of Nevro from an equal weight rating to an underweight rating and lowered their price objective for the company from $13.00 to $5.50 in a research note on Wednesday, August 7th. Royal Bank of Canada decreased their target price on Nevro from $16.00 to $7.00 and set a sector perform rating for the company in a research note on Wednesday, August 7th. JPMorgan Chase & Co. cut shares of Nevro from a neutral rating to an underweight rating in a research report on Wednesday, August 7th. StockNews.com upgraded shares of Nevro from a sell rating to a hold rating in a research report on Monday. Finally, Wolfe Research upgraded shares of Nevro from an underperform rating to a peer perform rating in a report on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating and twelve have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $10.55.

Nevro Stock Down 6.4 %

Shares of Nevro stock opened at $5.23 on Tuesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.77 and a quick ratio of 3.53. Nevro has a 1-year low of $4.38 and a 1-year high of $22.64. The business’s fifty day moving average price is $6.40 and its two-hundred day moving average price is $9.20. The company has a market capitalization of $192.09 million, a P/E ratio of -2.28 and a beta of 0.94.

Nevro (NYSE:NVRO) last posted its quarterly earnings data on Tuesday, August 6th. The medical equipment provider reported ($0.53) earnings per share for the quarter, topping the consensus estimate of ($0.63) by $0.10. The business had revenue of $104.16 million during the quarter, compared to the consensus estimate of $107.11 million. Nevro had a negative net margin of 18.17% and a negative return on equity of 24.89%. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.69) earnings per share. As a group, research analysts forecast that Nevro will post -2.6 EPS for the current year.

Institutional Trading of Nevro

Several large investors have recently added to or reduced their stakes in NVRO. Assenagon Asset Management S.A. boosted its position in shares of Nevro by 490.7% in the second quarter. Assenagon Asset Management S.A. now owns 728,463 shares of the medical equipment provider’s stock worth $6,134,000 after buying an additional 605,134 shares during the period. Goldman Sachs Group Inc. lifted its stake in Nevro by 69.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,048,026 shares of the medical equipment provider’s stock worth $22,554,000 after acquiring an additional 431,136 shares in the last quarter. Norges Bank acquired a new stake in Nevro during the 4th quarter worth about $8,498,000. Millennium Management LLC grew its stake in Nevro by 21.4% during the 2nd 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 in the last quarter. Finally, Point72 Asset Management L.P. increased its holdings in shares of Nevro by 3,446.5% in the 2nd 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 period. 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.