Piper Sandler Has Lowered Expectations for Nevro (NYSE:NVRO) Stock Price

Nevro (NYSE:NVRO) had its price objective dropped by Piper Sandler from $7.00 to $6.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “underweight” rating on the medical equipment provider’s stock. Piper Sandler’s price objective points to a potential upside of 34.83% from the company’s current price.

Several other research analysts have also recently issued reports on the stock. JMP Securities cut shares of Nevro from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 7th. Citigroup reduced their price objective on Nevro from $6.89 to $6.00 and set a “neutral” rating for the company in a research note on Tuesday, October 1st. Robert W. Baird boosted their price objective on Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Tuesday. Wolfe Research raised Nevro from an “underperform” rating to a “peer perform” rating in a report on Thursday, August 8th. Finally, Truist Financial reduced their price target on Nevro from $10.00 to $5.50 and set a “hold” rating for the company in a research report on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating and twelve have given a hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $9.10.

Nevro Stock Down 12.1 %

Shares of NVRO stock opened at $4.45 on Tuesday. Nevro has a fifty-two week low of $4.38 and a fifty-two week high of $22.64. The firm has a market capitalization of $165.91 million, a PE ratio of -2.35 and a beta of 0.93. The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.53 and a current ratio of 4.77. The stock’s 50-day simple moving average is $5.23 and its 200-day simple moving average is $7.44.

Nevro (NYSE:NVRO) last issued its earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) EPS for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.40. Nevro had a negative return on equity of 23.35% and a negative net margin of 16.54%. The firm had revenue of $96.60 million for the quarter, compared to analyst estimates of $93.09 million. During the same quarter in the prior year, the firm earned ($0.65) earnings per share. Nevro’s revenue for the quarter was down 7.0% on a year-over-year basis. Equities analysts expect that Nevro will post -2.6 earnings per share for the current year.

Institutional Investors Weigh In On Nevro

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets lifted its holdings in Nevro by 171.3% during the third quarter. BNP Paribas Financial Markets now owns 135,145 shares of the medical equipment provider’s stock valued at $755,000 after purchasing an additional 85,324 shares in the last quarter. Quantbot Technologies LP lifted its stake in Nevro by 1,290.4% in the 3rd quarter. Quantbot Technologies LP now owns 14,418 shares of the medical equipment provider’s stock valued at $81,000 after buying an additional 13,381 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Nevro by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 303,675 shares of the medical equipment provider’s stock worth $1,698,000 after buying an additional 11,369 shares during the last quarter. Intech Investment Management LLC purchased a new stake in Nevro during the 3rd quarter worth approximately $69,000. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Nevro by 27.6% during the third quarter. Assenagon Asset Management S.A. now owns 929,348 shares of the medical equipment provider’s stock valued at $5,195,000 after acquiring an additional 200,885 shares during the last quarter. Hedge funds and other 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.