Canaccord Genuity Group Issues Positive Forecast for Nevro (NYSE:NVRO) Stock Price

Nevro (NYSE:NVRO) had its price target raised by Canaccord Genuity Group from $4.00 to $5.85 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a hold rating on the medical equipment provider’s stock.

A number of other brokerages also recently issued reports on NVRO. Morgan Stanley downgraded shares of Nevro from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $9.00 to $4.00 in a report on Monday, December 2nd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $7.00 target price on shares of Nevro in a report on Tuesday, November 12th. Truist Financial dropped their price target on Nevro from $7.00 to $4.70 and set a “hold” rating for the company in a research note on Wednesday, December 18th. Citigroup reduced their price objective on Nevro from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 11th. Finally, Piper Sandler upgraded Nevro from a “neutral” rating to an “overweight” rating and lowered their target price for the company from $6.00 to $5.85 in a research report on Friday. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $6.49.

Nevro Stock Performance

NYSE NVRO opened at $5.72 on Friday. The company has a quick ratio of 3.76, a current ratio of 5.02 and a debt-to-equity ratio of 0.67. Nevro has a twelve month low of $3.16 and a twelve month high of $17.75. The business has a 50-day moving average price of $4.30 and a 200-day moving average price of $5.18. The firm has a market cap of $214.33 million, a price-to-earnings ratio of -3.03 and a beta of 0.91.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Amundi bought a new stake in shares of Nevro in the 4th quarter worth about $30,000. Ieq Capital LLC bought a new stake in Nevro in the fourth quarter worth about $46,000. Virtu Financial LLC purchased a new position in shares of Nevro during the third quarter valued at approximately $63,000. SG Americas Securities LLC raised its holdings in shares of Nevro by 34.6% in the fourth quarter. SG Americas Securities LLC now owns 17,126 shares of the medical equipment provider’s stock worth $64,000 after buying an additional 4,406 shares during the period. Finally, Intech Investment Management LLC bought a new stake in shares of Nevro during the 3rd quarter worth approximately $69,000. 95.52% of the stock is owned by hedge funds and other institutional investors.

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.