Citigroup Lowers Nevro (NYSE:NVRO) Price Target to $5.00

Nevro (NYSE:NVRO) had its price target cut by equities research analysts at Citigroup from $6.00 to $5.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the medical equipment provider’s stock. Citigroup’s price target would indicate a potential upside of 18.48% from the company’s current price.

Other equities analysts have also recently issued research reports about the stock. Robert W. Baird boosted their price objective on shares of Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Tuesday, November 12th. StockNews.com upgraded shares of Nevro from a “sell” rating to a “hold” rating in a research report on Tuesday, November 19th. Royal Bank of Canada reiterated a “sector perform” rating and set a $7.00 price target on shares of Nevro in a research report on Tuesday, November 12th. Piper Sandler reduced their price target on shares of Nevro from $7.00 to $6.00 and set an “underweight” rating on the stock in a research report on Tuesday, November 12th. Finally, Canaccord Genuity Group reduced their price target on shares of Nevro from $7.00 to $4.00 and set a “hold” rating on the stock in a research report on Monday. Three investment analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, Nevro presently has an average rating of “Hold” and an average target price of $8.05.

Nevro Price Performance

NVRO stock opened at $4.22 on Wednesday. The firm’s 50-day moving average price is $4.77 and its two-hundred day moving average price is $6.54. Nevro has a 12-month low of $3.95 and a 12-month high of $22.64. The stock has a market capitalization of $158.13 million, a price-to-earnings ratio of -2.23 and a beta of 0.84. The company has a current ratio of 5.02, a quick ratio of 3.76 and a debt-to-equity ratio of 0.67.

Nevro (NYSE:NVRO) last released its quarterly earnings data on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $96.60 million for the quarter, compared to analysts’ expectations of $93.09 million. During the same quarter in the previous year, the company earned ($0.65) earnings per share. The company’s revenue for the quarter was down 7.0% compared to the same quarter last year. As a group, equities analysts predict that Nevro will post -2.43 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC lifted its position in Nevro by 1,788.8% during the second quarter. Nisa Investment Advisors LLC now owns 6,932 shares of the medical equipment provider’s stock valued at $58,000 after purchasing an additional 6,565 shares during the period. Virtu Financial LLC purchased a new stake in shares of Nevro in the third quarter worth $63,000. Intech Investment Management LLC purchased a new stake in shares of Nevro in the third quarter worth $69,000. SG Americas Securities LLC purchased a new stake in shares of Nevro in the third quarter worth $71,000. Finally, Quantbot Technologies LP increased its stake in shares of Nevro by 1,290.4% in the third quarter. Quantbot Technologies LP now owns 14,418 shares of the medical equipment provider’s stock worth $81,000 after purchasing an additional 13,381 shares in the last quarter. Institutional investors own 95.52% of the company’s stock.

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.