Robert W. Baird Lowers Nevro (NYSE:NVRO) Price Target to $8.00

Nevro (NYSE:NVRO) had its target price trimmed by Robert W. Baird from $11.00 to $8.00 in a research note published on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the medical equipment provider’s stock.

A number of other research analysts have also recently issued reports on NVRO. Truist Financial lowered their price target on shares of Nevro from $11.00 to $10.00 and set a hold rating for the company in a research report on Tuesday, July 16th. JPMorgan Chase & Co. downgraded Nevro from a neutral rating to an underweight rating in a report on Wednesday. Morgan Stanley dropped their price target on Nevro from $14.00 to $9.00 and set an equal weight rating on the stock in a research note on Monday, July 15th. Piper Sandler cut their price objective on shares of Nevro from $12.00 to $7.00 and set an underweight rating for the company in a research report on Wednesday. Finally, JMP Securities lowered shares of Nevro from an outperform rating to a market perform rating in a report on Wednesday. Four analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus target price of $10.63.

Nevro Price Performance

NYSE:NVRO traded up $0.34 during mid-day trading on Wednesday, reaching $6.01. The stock had a trading volume of 1,729,642 shares, compared to its average volume of 567,455. The stock has a market capitalization of $220.74 million, a P/E ratio of -2.62 and a beta of 0.91. Nevro has a one year low of $4.38 and a one year high of $22.64. The firm has a 50 day moving average price of $8.82 and a two-hundred day moving average price of $11.91. The company has a debt-to-equity ratio of 0.77, a quick ratio of 5.57 and a current ratio of 7.38.

Nevro (NYSE:NVRO) last posted its quarterly earnings results on Tuesday, August 6th. The medical equipment provider reported ($0.53) EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.10. Nevro had a negative net margin of 19.17% and a negative return on equity of 27.48%. The company had revenue of $104.16 million during the quarter, compared to analyst estimates of $107.11 million. During the same period in the prior year, the business posted ($0.69) EPS. The firm’s revenue was down 4.3% compared to the same quarter last year. As a group, analysts expect that Nevro will post -2.14 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of NVRO. Federated Hermes Inc. lifted its stake in Nevro by 380.1% in the fourth quarter. Federated Hermes Inc. now owns 431,153 shares of the medical equipment provider’s stock worth $9,278,000 after purchasing an additional 341,343 shares during the last quarter. Norges Bank bought a new stake in shares of Nevro during the fourth quarter worth $8,498,000. Goldman Sachs Group Inc. boosted its stake in shares of 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 valued at $22,554,000 after purchasing an additional 431,136 shares during the period. Nomura Holdings Inc. grew its holdings in shares of Nevro by 28.1% in the fourth quarter. Nomura Holdings Inc. now owns 59,250 shares of the medical equipment provider’s stock worth $1,275,000 after purchasing an additional 13,000 shares during the last quarter. Finally, Jump Financial LLC purchased a new position in Nevro in the 4th quarter worth about $893,000. 95.52% of the stock is owned by hedge funds and other institutional investors.

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.