Piper Sandler Trims Nevro (NYSE:NVRO) Target Price to $12.00

Nevro (NYSE:NVRO) had its price objective reduced by investment analysts at Piper Sandler from $15.00 to $12.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an “underweight” rating on the medical equipment provider’s stock. Piper Sandler’s price target points to a potential upside of 14.07% from the stock’s previous close.

Several other analysts also recently weighed in on the stock. StockNews.com upgraded shares of Nevro from a “sell” rating to a “hold” rating in a research report on Friday, March 1st. Oppenheimer downgraded Nevro from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 22nd. Wells Fargo & Company lowered their target price on Nevro from $17.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Monday, April 8th. Citigroup reduced their price target on Nevro from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, April 3rd. Finally, Mizuho lowered their price target on Nevro from $20.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $20.00.

Nevro Stock Up 3.5 %

NYSE NVRO opened at $10.52 on Wednesday. The business has a 50 day moving average price of $13.04 and a two-hundred day moving average price of $16.19. The stock has a market cap of $385.88 million, a PE ratio of -4.09 and a beta of 0.96. Nevro has a fifty-two week low of $10.02 and a fifty-two week high of $28.89. The company has a quick ratio of 4.94, a current ratio of 6.37 and a debt-to-equity ratio of 0.72.

Nevro (NYSE:NVRO) last announced its earnings results on Tuesday, May 7th. The medical equipment provider reported ($0.70) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.02) by $0.32. Nevro had a negative return on equity of 30.22% and a negative net margin of 21.69%. The company had revenue of $101.90 million for the quarter, compared to analyst estimates of $97.90 million. Nevro’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.98) EPS. As a group, sell-side analysts predict that Nevro will post -2.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of NVRO. SG Americas Securities LLC acquired a new stake in Nevro in the 3rd quarter worth approximately $274,000. Bank of New York Mellon Corp grew its stake in Nevro by 6.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 130,533 shares of the medical equipment provider’s stock valued at $2,509,000 after buying an additional 7,945 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Nevro by 83.8% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,970 shares of the medical equipment provider’s stock worth $192,000 after acquiring an additional 4,547 shares during the period. Panagora Asset Management Inc. lifted its position in Nevro by 60.6% during the 3rd quarter. Panagora Asset Management Inc. now owns 77,955 shares of the medical equipment provider’s stock worth $1,498,000 after acquiring an additional 29,413 shares during the last quarter. Finally, M&T Bank Corp boosted its holdings in Nevro by 41.9% during the third quarter. M&T Bank Corp now owns 31,294 shares of the medical equipment provider’s stock valued at $601,000 after acquiring an additional 9,235 shares during the period. Institutional investors and hedge funds own 95.52% of the company’s stock.

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.