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

Nevro (NYSE:NVRO) had its price objective trimmed by Truist Financial from $7.00 to $4.70 in a research report released on Wednesday morning,Benzinga reports. The firm currently has a hold rating on the medical equipment provider’s stock.

Other research analysts have also recently issued reports about the stock. StockNews.com raised shares of Nevro from a “sell” rating to a “hold” rating in a report on Tuesday, November 19th. Canaccord Genuity Group decreased their price objective on shares of Nevro from $7.00 to $4.00 and set a “hold” rating for the company in a report on Monday, December 9th. Morgan Stanley cut Nevro from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $9.00 to $4.00 in a research report on Monday, December 2nd. Piper Sandler reduced their target price on Nevro from $7.00 to $6.00 and set an “underweight” rating for the company in a report on Tuesday, November 12th. Finally, Robert W. Baird upped their price target on Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. Three analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company. According to MarketBeat.com, Nevro currently has an average rating of “Hold” and a consensus price target of $7.97.

Nevro Stock Performance

Shares of NVRO opened at $3.79 on Wednesday. The company has a quick ratio of 3.76, a current ratio of 5.02 and a debt-to-equity ratio of 0.67. The stock has a market cap of $142.02 million, a P/E ratio of -2.01 and a beta of 0.84. The business’s 50 day moving average price is $4.66 and its 200-day moving average price is $6.31. Nevro has a 52 week low of $3.52 and a 52 week high of $22.52.

Nevro (NYSE:NVRO) last released its earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) EPS for the quarter, topping the consensus estimate of ($0.81) by $0.40. Nevro had a negative return on equity of 23.52% and a negative net margin of 16.54%. The business had revenue of $96.60 million for the quarter, compared to the consensus estimate of $93.09 million. During the same period in the previous year, the company posted ($0.65) earnings per share. The company’s revenue for the quarter was down 7.0% compared to the same quarter last year. Equities research analysts anticipate that Nevro will post -2.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Western Standard LLC purchased a new stake in Nevro in the 3rd quarter worth approximately $5,473,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Nevro by 130.7% in the third 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 worth $5,590,000 after purchasing an additional 566,462 shares during the period. Engaged Capital LLC increased its stake in shares of Nevro by 29.5% in the third quarter. Engaged Capital LLC now owns 2,442,956 shares of the medical equipment provider’s stock worth $13,656,000 after purchasing an additional 557,000 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of Nevro by 50.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 732,717 shares of the medical equipment provider’s stock valued at $4,096,000 after purchasing an additional 246,979 shares during the period. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Nevro by 27.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 929,348 shares of the medical equipment provider’s stock valued at $5,195,000 after buying an additional 200,885 shares in the last quarter. 95.52% of the stock is currently owned by institutional investors.

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.