Nevro (NYSE:NVRO) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Nevro (NYSE:NVRO) had its price objective upped by research analysts at Canaccord Genuity Group from $4.00 to $5.85 in a report released on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the medical equipment provider’s stock. Canaccord Genuity Group’s price target would indicate a potential upside of 2.18% from the stock’s current price.

Several other equities analysts also recently issued reports on NVRO. Robert W. Baird upped 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. Citigroup dropped their price objective on shares of Nevro from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Wednesday, December 11th. Morgan Stanley downgraded shares of Nevro from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $9.00 to $4.00 in a research note on Monday, December 2nd. Wells Fargo & Company dropped their target price on shares of Nevro from $5.00 to $4.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 11th. Finally, Piper Sandler raised shares of Nevro from a “neutral” rating to an “overweight” rating and lowered their price objective for the company from $6.00 to $5.85 in a research report on Friday. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $6.49.

Nevro Stock Performance

NVRO traded up $0.01 on Friday, reaching $5.73. The company had a trading volume of 2,421,804 shares, compared to its average volume of 1,113,647. Nevro has a 1 year low of $3.16 and a 1 year high of $17.75. The stock has a market capitalization of $214.52 million, a PE ratio of -3.03 and a beta of 0.91. 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 50-day moving average price of $4.27 and a 200-day moving average price of $5.24.

Nevro (NYSE:NVRO) last issued its quarterly earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share (EPS) for the quarter, topping 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 business had revenue of $96.60 million for the quarter, compared to analyst estimates of $93.09 million. During the same period in the previous year, the business posted ($0.65) earnings per share. The business’s revenue was down 7.0% compared to the same quarter last year. As a group, research analysts forecast that Nevro will post -2.44 EPS for the current fiscal year.

Institutional Investors Weigh In On Nevro

Hedge funds have recently added to or reduced their stakes in the stock. Amundi bought a new position in Nevro during the 4th quarter worth approximately $30,000. Virtu Financial LLC acquired a new position in Nevro during the third quarter worth $63,000. Intech Investment Management LLC acquired a new position in Nevro during the third quarter worth $69,000. Ieq Capital LLC bought a new position in Nevro during the fourth quarter worth $46,000. Finally, SG Americas Securities LLC bought a new position in Nevro during the third quarter worth $71,000. Institutional investors own 95.52% of the company’s stock.

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.