Royal Bank of Canada Cuts Nevro (NYSE:NVRO) Price Target to $7.00

Nevro (NYSE:NVRO) had its target price decreased by equities researchers at Royal Bank of Canada from $16.00 to $7.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “sector perform” rating on the medical equipment provider’s stock. Royal Bank of Canada’s target price points to a potential upside of 45.83% from the company’s previous close.

Several other equities research analysts have also recently commented on NVRO. Robert W. Baird lowered their price target on shares of Nevro from $11.00 to $8.00 and set a “neutral” rating for the company in a research report on Wednesday. Piper Sandler dropped their target price on shares of Nevro from $12.00 to $7.00 and set an “underweight” rating for the company in a research report on Wednesday. Wells Fargo & Company downgraded Nevro from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $13.00 to $5.50 in a research note on Wednesday. Morgan Stanley decreased their price objective on Nevro from $14.00 to $9.00 and set an “equal weight” rating for the company in a research note on Monday, July 15th. Finally, Canaccord Genuity Group cut their target price on Nevro from $17.00 to $11.00 and set a “hold” rating on the stock in a research note on Wednesday, May 8th. Four investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. According to data from MarketBeat, Nevro currently has an average rating of “Hold” and an average target price of $11.15.

Nevro Price Performance

Shares of Nevro stock traded down $3.89 during midday trading on Wednesday, reaching $4.80. The company had a trading volume of 3,981,547 shares, compared to its average volume of 544,777. The company has a current ratio of 7.38, a quick ratio of 5.57 and a debt-to-equity ratio of 0.77. The stock has a fifty day simple moving average of $9.06 and a 200 day simple moving average of $12.22. Nevro has a 1-year low of $4.43 and a 1-year high of $22.64. The company has a market capitalization of $176.30 million, a price-to-earnings ratio of -2.15 and a beta of 0.91.

Nevro (NYSE:NVRO) last released its earnings results on Tuesday, August 6th. The medical equipment provider reported ($0.53) EPS for the quarter, beating the consensus estimate of ($0.63) by $0.10. The company had revenue of $104.16 million during the quarter, compared to analysts’ expectations of $107.11 million. Nevro had a negative return on equity of 27.48% and a negative net margin of 19.17%. The business’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same period last year, the firm earned ($0.69) EPS. As a group, equities research analysts forecast that Nevro will post -2.14 earnings per share for the current year.

Hedge Funds Weigh In On Nevro

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC lifted its holdings in shares of Nevro by 1,788.8% in 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 in the last quarter. Assetmark Inc. lifted its stake in Nevro by 30.4% in the 4th quarter. Assetmark Inc. now owns 3,131 shares of the medical equipment provider’s stock valued at $67,000 after acquiring an additional 730 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its position in Nevro by 14.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 11,578 shares of the medical equipment provider’s stock worth $167,000 after acquiring an additional 1,430 shares during the last quarter. Oppenheimer Asset Management Inc. grew its stake in shares of Nevro by 45.3% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 30,727 shares of the medical equipment provider’s stock worth $444,000 after acquiring an additional 9,586 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of Nevro by 5.0% in the second quarter. Rhumbline Advisers now owns 58,995 shares of the medical equipment provider’s stock valued at $497,000 after purchasing an additional 2,836 shares during the last quarter. 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.