Piper Sandler Lowers Nevro (NYSE:NVRO) Price Target to $6.00

Nevro (NYSE:NVRO) had its target price dropped by research analysts at Piper Sandler from $7.00 to $6.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “underweight” rating on the medical equipment provider’s stock. Piper Sandler’s price target would suggest a potential upside of 12.57% from the stock’s previous close.

Several other research firms have also issued reports on NVRO. Truist Financial cut their target price on Nevro from $10.00 to $5.50 and set a “hold” rating on the stock in a research note on Thursday, August 8th. Royal Bank of Canada cut their target price on Nevro from $16.00 to $7.00 and set a “sector perform” rating on the stock in a research note on Wednesday, August 7th. Wells Fargo & Company lowered Nevro from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $13.00 to $5.50 in a research note on Wednesday, August 7th. Wolfe Research upgraded Nevro from an “underperform” rating to a “peer perform” rating in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. lowered Nevro from a “neutral” rating to an “underweight” rating in a research note on Wednesday, August 7th. Three analysts have rated the stock with a sell rating and twelve have issued a hold rating to the stock. According to data from MarketBeat, Nevro currently has a consensus rating of “Hold” and a consensus price target of $9.50.

Nevro Stock Performance

NVRO stock opened at $5.33 on Tuesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.77 and a quick ratio of 3.53. The business has a 50-day moving average price of $5.25 and a 200 day moving average price of $7.53. The company has a market capitalization of $198.70 million, a P/E ratio of -2.50 and a beta of 0.93. Nevro has a 1-year low of $4.38 and a 1-year high of $22.64.

Institutional Investors Weigh In On Nevro

A number of institutional investors and hedge funds have recently modified their holdings of the company. Intech Investment Management LLC acquired a new stake in shares of Nevro during the third quarter worth about $69,000. Assenagon Asset Management S.A. lifted 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 worth $5,195,000 after purchasing an additional 200,885 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Nevro during the third quarter worth about $71,000. Point72 Asset Management L.P. lifted its holdings in shares of Nevro by 3,446.5% during the second quarter. Point72 Asset Management L.P. now owns 152,500 shares of the medical equipment provider’s stock worth $1,284,000 after purchasing an additional 148,200 shares during the period. Finally, Algert Global LLC lifted its holdings in Nevro by 57.3% in the second quarter. Algert Global LLC now owns 216,572 shares of the medical equipment provider’s stock valued at $1,824,000 after acquiring an additional 78,895 shares during the period. Institutional investors and hedge funds 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.