Citigroup Has Lowered Expectations for Nevro (NYSE:NVRO) Stock Price

Nevro (NYSE:NVRO) had its price target cut by stock analysts at Citigroup from $6.00 to $5.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the medical equipment provider’s stock. Citigroup’s price target points to a potential upside of 16.28% from the stock’s current price.

Other analysts have also issued reports about the stock. Robert W. Baird raised their price objective on shares of Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Tuesday, November 12th. StockNews.com upgraded Nevro from a “sell” rating to a “hold” rating in a research note on Tuesday, November 19th. Piper Sandler cut their price target on Nevro from $7.00 to $6.00 and set an “underweight” rating for the company in a research note on Tuesday, November 12th. Morgan Stanley cut Nevro from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $9.00 to $4.00 in a research report on Monday, December 2nd. Finally, Canaccord Genuity Group dropped their price target on Nevro from $7.00 to $4.00 and set a “hold” rating for the company in a research note on Monday. Three analysts have rated the stock with a sell rating and twelve have issued a hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $8.05.

Nevro Trading Down 0.9 %

NVRO stock traded down $0.04 during trading on Wednesday, hitting $4.30. The company had a trading volume of 136,917 shares, compared to its average volume of 562,626. Nevro has a one year low of $3.95 and a one year high of $22.64. The company has a current ratio of 5.02, a quick ratio of 3.76 and a debt-to-equity ratio of 0.67. The business has a 50-day moving average of $4.80 and a 200-day moving average of $6.57. The stock has a market cap of $161.12 million, a PE ratio of -2.28 and a beta of 0.84.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Rhumbline Advisers grew its holdings in Nevro by 5.0% during the 2nd quarter. Rhumbline Advisers now owns 58,995 shares of the medical equipment provider’s stock worth $497,000 after acquiring an additional 2,836 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Nevro by 1,788.8% during the second quarter. Nisa Investment Advisors LLC now owns 6,932 shares of the medical equipment provider’s stock worth $58,000 after purchasing an additional 6,565 shares during the period. Blair William & Co. IL increased its holdings in Nevro by 13.9% in the 2nd quarter. Blair William & Co. IL now owns 59,404 shares of the medical equipment provider’s stock worth $500,000 after buying an additional 7,250 shares during the period. Canada Pension Plan Investment Board raised its position in Nevro by 345.8% during the 2nd quarter. Canada Pension Plan Investment Board now owns 10,700 shares of the medical equipment provider’s stock worth $90,000 after buying an additional 8,300 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Nevro by 7.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 127,866 shares of the medical equipment provider’s stock valued at $1,077,000 after acquiring an additional 8,673 shares during the period. 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.