Nevro (NYSE:NVRO) Price Target Cut to $13.00 by Analysts at Wells Fargo & Company

Nevro (NYSE:NVRO) had its price objective lowered by stock analysts at Wells Fargo & Company from $14.00 to $13.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the medical equipment provider’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 22.87% from the company’s previous close.

A number of other research analysts also recently commented on the company. Piper Sandler dropped their price objective on Nevro from $15.00 to $12.00 and set an “underweight” rating on the stock in a report on Wednesday. Citigroup reduced their price objective on shares of Nevro from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, April 3rd. Robert W. Baird cut their price target on shares of Nevro from $23.00 to $19.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Royal Bank of Canada dropped their price objective on Nevro from $18.00 to $16.00 and set a “sector perform” rating on the stock in a report on Monday, April 15th. Finally, StockNews.com raised Nevro from a “sell” rating to a “hold” rating in a research report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $20.92.

Nevro Stock Down 8.2 %

NYSE NVRO traded down $0.95 during trading hours on Wednesday, hitting $10.58. 190,023 shares of the company were exchanged, compared to its average volume of 494,777. The company has a quick ratio of 4.94, a current ratio of 6.37 and a debt-to-equity ratio of 0.72. The firm has a market cap of $388.07 million, a price-to-earnings ratio of -4.10 and a beta of 0.96. The company has a 50 day moving average of $13.21 and a two-hundred day moving average of $16.27. Nevro has a 52-week low of $10.27 and a 52-week high of $28.89.

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

Institutional Trading of Nevro

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Armistice Capital LLC boosted its holdings in Nevro by 46.7% in the 3rd quarter. Armistice Capital LLC now owns 3,456,000 shares of the medical equipment provider’s stock valued at $66,424,000 after purchasing an additional 1,100,000 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Nevro by 69.9% during the fourth 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 period. UBS Group AG grew its holdings in Nevro by 19,354.5% during the third 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 period. Principal Financial Group Inc. raised its position in Nevro by 0.4% in the fourth 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 in the last quarter. Finally, Federated Hermes Inc. lifted its holdings in Nevro by 380.1% in the fourth quarter. Federated Hermes Inc. now owns 431,153 shares of the medical equipment provider’s stock valued at $9,278,000 after acquiring an additional 341,343 shares during the period. 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.