Wells Fargo & Company Lowers Nevro (NYSE:NVRO) Price Target to $13.00

Nevro (NYSE:NVRO) had its price objective cut by stock analysts at Wells Fargo & Company from $14.00 to $13.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the medical equipment provider’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 23.57% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. Mizuho reduced their price target on shares of Nevro from $20.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. Oppenheimer cut shares of Nevro from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 22nd. Citigroup cut their price target on Nevro from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, April 3rd. Robert W. Baird decreased their price objective on Nevro from $23.00 to $19.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Finally, Piper Sandler reduced their price target on Nevro from $15.00 to $12.00 and set an “underweight” rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, twelve have issued 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 price target of $20.00.

Nevro Price Performance

Shares of NYSE:NVRO opened at $10.52 on Wednesday. The company has a market cap of $385.88 million, a PE ratio of -4.09 and a beta of 0.96. Nevro has a fifty-two week low of $10.02 and a fifty-two week high of $28.89. The firm has a 50-day simple moving average of $13.04 and a 200 day simple moving average of $16.19. The company has a quick ratio of 4.94, a current ratio of 6.37 and a debt-to-equity ratio of 0.72.

Nevro (NYSE:NVRO) last posted its earnings results on Tuesday, May 7th. The medical equipment provider reported ($0.70) EPS for the quarter, beating the consensus estimate of ($1.02) by $0.32. The company had revenue of $101.90 million during the quarter, compared to analyst estimates of $97.90 million. Nevro had a negative return on equity of 30.22% and a negative net margin of 21.69%. The business’s revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.98) earnings per share. On average, sell-side analysts anticipate that Nevro will post -2.54 EPS for the current year.

Hedge Funds Weigh In On Nevro

Several hedge funds have recently modified their holdings of NVRO. Armistice Capital LLC grew its holdings in shares of Nevro by 46.7% in the 3rd quarter. Armistice Capital LLC now owns 3,456,000 shares of the medical equipment provider’s stock worth $66,424,000 after acquiring an additional 1,100,000 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Nevro by 69.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,048,026 shares of the medical equipment provider’s stock worth $22,554,000 after acquiring an additional 431,136 shares during the last quarter. UBS Group AG grew its holdings in shares of Nevro by 19,354.5% in the 3rd quarter. UBS Group AG now owns 903,272 shares of the medical equipment provider’s stock worth $17,361,000 after acquiring an additional 898,629 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Nevro by 0.4% in the 4th quarter. Principal Financial Group Inc. now owns 720,529 shares of the medical equipment provider’s stock worth $15,506,000 after acquiring an additional 3,086 shares during the last quarter. Finally, Federated Hermes Inc. grew its holdings in shares of Nevro by 380.1% in the 4th quarter. Federated Hermes Inc. now owns 431,153 shares of the medical equipment provider’s stock worth $9,278,000 after acquiring an additional 341,343 shares during the last quarter. 95.52% of the stock is currently owned by institutional investors and hedge funds.

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.