Nevro (NYSE:NVRO) Given New $16.00 Price Target at Royal Bank of Canada

Nevro (NYSE:NVRO) had its price objective lowered by Royal Bank of Canada from $18.00 to $16.00 in a research report released on Monday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the medical equipment provider’s stock.

A number of other research analysts also recently issued reports on the company. StockNews.com upgraded Nevro from a sell rating to a hold rating in a report on Friday, March 1st. Robert W. Baird decreased their price target on Nevro from $23.00 to $19.00 and set a neutral rating for the company in a research note on Thursday, February 22nd. Truist Financial raised their price target on Nevro from $22.00 to $23.00 and gave the company a hold rating in a research note on Friday, December 22nd. Mizuho decreased their price target on Nevro from $20.00 to $16.00 and set a neutral rating for the company in a research note on Thursday, April 11th. Finally, Canaccord Genuity Group downgraded Nevro from a buy rating to a hold rating and set a $23.00 price target for the company. in a research note on Thursday, December 21st. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $21.23.

Nevro Stock Down 5.6 %

NYSE:NVRO opened at $12.49 on Monday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.94 and a current ratio of 6.37. The company has a market cap of $454.61 million, a PE ratio of -4.86 and a beta of 0.89. Nevro has a 52-week low of $12.34 and a 52-week high of $39.67. The stock has a 50-day simple moving average of $14.90 and a 200 day simple moving average of $16.99.

Nevro (NYSE:NVRO) last posted its quarterly earnings data on Wednesday, February 21st. The medical equipment provider reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.35. The business had revenue of $116.18 million during the quarter, compared to the consensus estimate of $115.93 million. Nevro had a negative return on equity of 30.22% and a negative net margin of 21.69%. On average, sell-side analysts expect that Nevro will post -2.54 EPS for the current fiscal year.

Institutional Trading of Nevro

Several hedge funds have recently added to or reduced their stakes in NVRO. Norges Bank acquired a new stake in Nevro during the 4th quarter worth approximately $50,205,000. Armistice Capital LLC lifted its holdings in Nevro by 46.7% during the 3rd quarter. Armistice Capital LLC now owns 3,456,000 shares of the medical equipment provider’s stock worth $66,424,000 after purchasing an additional 1,100,000 shares during the last quarter. UBS Group AG lifted its holdings in Nevro by 19,354.5% during the 3rd quarter. UBS Group AG now owns 903,272 shares of the medical equipment provider’s stock worth $17,361,000 after purchasing an additional 898,629 shares during the last quarter. Millennium Management LLC lifted its holdings in Nevro by 226.7% during the 4th quarter. Millennium Management LLC now owns 920,448 shares of the medical equipment provider’s stock worth $36,450,000 after purchasing an additional 638,718 shares during the last quarter. Finally, BlackRock Inc. lifted its holdings in Nevro by 13.7% during the 1st quarter. BlackRock Inc. now owns 4,718,980 shares of the medical equipment provider’s stock worth $341,322,000 after purchasing an additional 568,749 shares during the last quarter. 95.52% of the stock is owned by institutional investors and hedge funds.

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.