Nevro (NYSE:NVRO) Given New $5.85 Price Target at Canaccord Genuity Group

Nevro (NYSE:NVRO) had its price target raised by Canaccord Genuity Group from $4.00 to $5.85 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a hold rating on the medical equipment provider’s stock.

Several other equities research analysts have also issued reports on NVRO. Robert W. Baird lifted their price target on Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. Wells Fargo & Company reduced their target price on shares of Nevro from $5.00 to $4.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 11th. Morgan Stanley lowered shares of Nevro from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $9.00 to $4.00 in a research note on Monday, December 2nd. StockNews.com raised shares of Nevro from a “sell” rating to a “hold” rating in a research note on Tuesday, November 19th. Finally, Citigroup decreased their price objective on shares of Nevro from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Wednesday, December 11th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $6.49.

Nevro Price Performance

NVRO stock opened at $5.72 on Friday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 3.76 and a current ratio of 5.02. The firm has a 50 day simple moving average of $4.27 and a 200 day simple moving average of $5.24. Nevro has a 52 week low of $3.16 and a 52 week high of $17.75.

Nevro (NYSE:NVRO) last issued its earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.40. The company had revenue of $96.60 million during the quarter, compared to analyst estimates of $93.09 million. Nevro had a negative net margin of 16.54% and a negative return on equity of 23.52%. The company’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.65) EPS. On average, equities analysts forecast that Nevro will post -2.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nevro

Hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC bought a new stake in Nevro during the 2nd quarter valued at approximately $470,000. SG Americas Securities LLC acquired a new position in shares of Nevro during the third quarter worth approximately $71,000. Assenagon Asset Management S.A. boosted its position in shares of Nevro by 27.6% in 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 period. Intech Investment Management LLC acquired a new stake in shares of Nevro in the third quarter worth $69,000. Finally, Charles Schwab Investment Management Inc. increased its position in Nevro by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 303,675 shares of the medical equipment provider’s stock worth $1,698,000 after acquiring an additional 11,369 shares during the period. 95.52% of the stock is 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.