Robert W. Baird Forecasts Strong Price Appreciation for Nevro (NYSE:NVRO) Stock

Nevro (NYSE:NVRO) had its price target hoisted by Robert W. Baird from $5.00 to $6.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the medical equipment provider’s stock. Robert W. Baird’s target price indicates a potential upside of 34.83% from the stock’s previous close.

Several other brokerages have also weighed in on NVRO. JMP Securities lowered Nevro from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 7th. Morgan Stanley lowered their price target on shares of Nevro from $14.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Monday, July 15th. Truist Financial cut their price objective on shares of Nevro from $10.00 to $5.50 and set a “hold” rating for the company in a report on Thursday, August 8th. Citigroup lowered their target price on shares of Nevro from $6.89 to $6.00 and set a “neutral” rating on the stock in a report on Tuesday, October 1st. Finally, Wolfe Research raised Nevro from an “underperform” rating to a “peer perform” rating in a report on Thursday, August 8th. Three investment analysts have rated the stock with a sell rating and twelve have given a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $9.10.

Nevro Stock Down 12.1 %

NVRO opened at $4.45 on Tuesday. Nevro has a twelve month low of $4.38 and a twelve month high of $22.64. The company’s 50-day moving average price is $5.23 and its two-hundred day moving average price is $7.44. The stock has a market cap of $165.91 million, a price-to-earnings ratio of -2.35 and a beta of 0.93. The company has a quick ratio of 3.53, a current ratio of 4.77 and a debt-to-equity ratio of 0.66.

Nevro (NYSE:NVRO) last posted its quarterly earnings data on Monday, November 11th. The medical equipment provider reported ($0.41) EPS for the quarter, beating the consensus estimate of ($0.81) by $0.40. Nevro had a negative return on equity of 23.35% 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 quarter in the prior year, the business earned ($0.65) earnings per share. Nevro’s revenue for the quarter was down 7.0% on a year-over-year basis. As a group, equities analysts expect that Nevro will post -2.6 earnings per share for the current year.

Hedge Funds Weigh In On Nevro

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NVRO. Armistice Capital LLC boosted its position in shares of Nevro by 1.3% during the 2nd quarter. Armistice Capital LLC now owns 3,672,000 shares of the medical equipment provider’s stock valued at $30,918,000 after acquiring an additional 48,000 shares during the last quarter. Millennium Management LLC lifted its position in Nevro by 21.4% during the second quarter. Millennium Management LLC now owns 956,542 shares of the medical equipment provider’s stock valued at $8,054,000 after purchasing an additional 168,573 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in Nevro by 27.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 929,348 shares of the medical equipment provider’s stock worth $5,195,000 after buying an additional 200,885 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Nevro by 5.0% in the 2nd quarter. Renaissance Technologies LLC now owns 368,100 shares of the medical equipment provider’s stock worth $3,099,000 after buying an additional 17,600 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Nevro by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 303,675 shares of the medical equipment provider’s stock valued at $1,698,000 after buying an additional 11,369 shares in the last quarter. 95.52% of the stock is currently owned by hedge funds and other 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.