Nevro (NYSE:NVRO) PT Lowered to $6.00 at Citigroup

Nevro (NYSE:NVRO - Free Report) had its price objective lowered by Citigroup from $6.89 to $6.00 in a research note published on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the medical equipment provider's stock.

A number of other brokerages have also issued reports on NVRO. Truist Financial decreased their price target on Nevro from $10.00 to $5.50 and set a hold rating for the company in a research note on Thursday, August 8th. JPMorgan Chase & Co. cut Nevro from a neutral rating to an underweight rating in a research report on Wednesday, August 7th. Royal Bank of Canada reduced their price target on Nevro from $16.00 to $7.00 and set a sector perform rating for the company in a research report on Wednesday, August 7th. JMP Securities cut Nevro from an outperform rating to a market perform rating in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company cut Nevro from an equal weight rating to an underweight rating and reduced their price target for the stock from $13.00 to $5.50 in a research report on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $10.55.

Nevro Stock Performance

NVRO stock traded down $0.36 on Tuesday, reaching $5.23. The company's stock had a trading volume of 510,109 shares, compared to its average volume of 575,128. Nevro has a 52 week low of $4.38 and a 52 week high of $22.64. The company has a market capitalization of $192.09 million, a P/E ratio of -2.28 and a beta of 0.94. The firm has a fifty day moving average of $6.40 and a two-hundred day moving average of $9.20. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.77 and a quick ratio of 3.53.

Nevro (NYSE:NVRO - Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The medical equipment provider reported ($0.53) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.63) by $0.10. The firm had revenue of $104.16 million during the quarter, compared to analyst estimates of $107.11 million. Nevro had a negative return on equity of 24.89% and a negative net margin of 18.17%. The firm's quarterly revenue was down 4.3% on a year-over-year basis. During the same period last year, the company posted ($0.69) EPS. As a group, analysts predict that Nevro will post -2.6 EPS for the current fiscal year.

Institutional Investors Weigh In On Nevro

Several large investors have recently modified their holdings of NVRO. Nisa Investment Advisors LLC grew its stake in shares of Nevro by 1,788.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 6,932 shares of the medical equipment provider's stock valued at $58,000 after purchasing an additional 6,565 shares during the period. Canada Pension Plan Investment Board grew 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 acquiring an additional 8,300 shares during the last quarter. State Board of Administration of Florida Retirement System grew its position in Nevro by 14.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 11,578 shares of the medical equipment provider's stock worth $167,000 after acquiring an additional 1,430 shares during the last quarter. XTX Topco Ltd grew its position in Nevro by 84.6% during the 2nd quarter. XTX Topco Ltd now owns 24,711 shares of the medical equipment provider's stock worth $208,000 after acquiring an additional 11,323 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. grew its position in Nevro by 45.3% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 30,727 shares of the medical equipment provider's stock worth $444,000 after acquiring an additional 9,586 shares during the last quarter. 95.52% of the stock is currently owned by 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.