Nevro (NYSE:NVRO) Price Target Cut to $45.00 by Analysts at Piper Sandler

Nevro (NYSE:NVRO – Get Rating) had its target price decreased by research analysts at Piper Sandler from $64.00 to $45.00 in a note issued to investors on Thursday, The Fly reports. The firm currently has a “neutral” rating on the medical equipment provider’s stock. Piper Sandler’s target price indicates a potential downside of 4.48% from the company’s previous close.

Several other research analysts have also issued reports on NVRO. StockNews.com upgraded Nevro from a “sell” rating to a “hold” rating in a research note on Thursday, July 21st. Morgan Stanley lowered their target price on Nevro from $74.00 to $55.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 7th. Truist Financial lowered their target price on Nevro to $45.00 in a research note on Friday, July 22nd. JMP Securities lowered their target price on Nevro from $125.00 to $95.00 and set a “market outperform” rating for the company in a research note on Thursday, May 26th. Finally, Citigroup lowered their target price on Nevro from $78.00 to $68.00 in a research note on Tuesday, May 17th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Nevro has a consensus rating of “Hold” and an average price target of $71.10.

Nevro Stock Performance

Nevro stock opened at $47.11 on Thursday. The company has a debt-to-equity ratio of 0.77, a current ratio of 6.97 and a quick ratio of 5.68. The stock has a fifty day moving average price of $45.00 and a two-hundred day moving average price of $58.20. Nevro has a 52-week low of $39.41 and a 52-week high of $127.97. The firm has a market capitalization of $1.66 billion, a P/E ratio of -11.81 and a beta of 0.96.

Nevro (NYSE:NVRO – Get Rating) last released its quarterly earnings data on Wednesday, May 4th. The medical equipment provider reported ($0.98) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.11) by $0.13. Nevro had a negative return on equity of 41.54% and a negative net margin of 35.96%. The firm had revenue of $87.40 million during the quarter, compared to analyst estimates of $86.19 million. During the same period in the prior year, the company posted ($0.85) earnings per share. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year. As a group, analysts anticipate that Nevro will post -2.9 EPS for the current fiscal year.

Insider Activity at Nevro

In related news, General Counsel Kashif Rashid bought 2,250 shares of Nevro stock in a transaction on Monday, May 9th. The shares were purchased at an average price of $44.50 per share, for a total transaction of $100,125.00. Following the completion of the acquisition, the general counsel now owns 53,526 shares in the company, valued at $2,381,907. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nevro

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NVRO. Allspring Global Investments Holdings LLC bought a new position in Nevro during the fourth quarter worth about $142,000. State of New Jersey Common Pension Fund D lifted its holdings in shares of Nevro by 33.7% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 32,346 shares of the medical equipment provider’s stock valued at $2,622,000 after purchasing an additional 8,149 shares in the last quarter. CWM LLC bought a new position in shares of Nevro during the 4th quarter valued at about $47,000. Qube Research & Technologies Ltd bought a new position in shares of Nevro during the 4th quarter valued at about $2,271,000. Finally, Assenagon Asset Management S.A. bought a new position in shares of Nevro during the 4th quarter valued at about $3,336,000.

Nevro Company Profile

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Nevro Corp., a medical device company, provides products for patients suffering from chronic pain in the United States and internationally. The company develops and commercializes the Senza spinal cord stimulation system, an evidence-based neuromodulation platform for the treatment of chronic pain, as well as Senza II and Senza Omnia systems.