Nevro (NYSE:NVRO) Price Target Lowered to $11.00 at Canaccord Genuity Group

Nevro (NYSE:NVRO - Get Free Report) had its price target reduced by analysts at Canaccord Genuity Group from $17.00 to $11.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a "hold" rating on the medical equipment provider's stock. Canaccord Genuity Group's price target points to a potential upside of 8.16% from the stock's previous close.

NVRO has been the subject of several other research reports. Citigroup reduced their price objective on shares of Nevro from $18.00 to $16.00 and set a "neutral" rating for the company in a research note on Wednesday, April 3rd. Robert W. Baird lowered their price objective on Nevro from $23.00 to $19.00 and set a "neutral" rating on the stock in a research report on Thursday, February 22nd. Royal Bank of Canada dropped their price objective on Nevro from $18.00 to $16.00 and set a "sector perform" rating for the company in a research note on Monday, April 15th. Piper Sandler decreased their target price on Nevro from $15.00 to $12.00 and set an "underweight" rating on the stock in a research note on Wednesday. Finally, Oppenheimer downgraded Nevro from an "outperform" rating to a "market perform" rating in a research report on Thursday, February 22nd. One analyst has rated the stock with a sell rating, twelve have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $20.00.

Nevro Stock Performance

NVRO traded down $1.36 during trading hours on Wednesday, hitting $10.17. The stock had a trading volume of 1,110,813 shares, compared to its average volume of 505,310. Nevro has a 1 year low of $10.06 and a 1 year high of $28.89. The company's fifty day simple moving average is $13.12 and its 200 day simple moving average is $16.23. The stock has a market cap of $373.04 million, a PE ratio of -3.96 and a beta of 0.96. 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 - Get Free Report) last posted its earnings results on Tuesday, May 7th. The medical equipment provider reported ($0.70) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $101.90 million for the quarter, compared to the consensus estimate of $97.90 million. During the same quarter in the prior year, the business posted ($0.98) earnings per share. The business's quarterly revenue was up 5.8% on a year-over-year basis. Equities analysts anticipate that Nevro will post -2.54 earnings per share for the current year.

Institutional Trading of Nevro

Several institutional investors have recently added to or reduced their stakes in NVRO. Assetmark Inc. boosted its holdings in Nevro by 30.4% during 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 during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Nevro by 83.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,970 shares of the medical equipment provider's stock worth $192,000 after purchasing an additional 4,547 shares during the last quarter. Versor Investments LP increased its stake in shares of Nevro by 22.9% in the third quarter. Versor Investments LP now owns 11,017 shares of the medical equipment provider's stock worth $212,000 after buying an additional 2,050 shares during the period. Natixis Advisors L.P. bought a new stake in Nevro during the 3rd quarter valued at $248,000. Finally, SG Americas Securities LLC purchased a new stake in Nevro during the 3rd quarter valued at $274,000. 95.52% of the stock is currently 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.