Nevro (NYSE:NVRO) Given “Sector Perform” Rating at Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of Nevro (NYSE:NVRO) in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a $7.00 price objective on the medical equipment provider’s stock.

A number of other equities analysts also recently issued reports on NVRO. Wells Fargo & Company downgraded shares of Nevro from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $13.00 to $5.50 in a report on Wednesday, August 7th. Truist Financial dropped their target price on shares of Nevro from $10.00 to $5.50 and set a “hold” rating for the company in a report on Thursday, August 8th. Robert W. Baird boosted their price target on Nevro from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Tuesday. Piper Sandler dropped their price objective on Nevro from $7.00 to $6.00 and set an “underweight” rating for the company in a research note on Tuesday. Finally, JMP Securities downgraded Nevro from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company. Based on data from MarketBeat.com, Nevro has a consensus rating of “Hold” and a consensus price target of $9.10.

Nevro Price Performance

Shares of NYSE:NVRO opened at $5.06 on Tuesday. Nevro has a 52 week low of $4.38 and a 52 week high of $22.64. The company has a 50-day moving average price of $5.24 and a 200 day moving average price of $7.48. The company has a market cap of $188.64 million, a P/E ratio of -2.68 and a beta of 0.93. The company has a quick ratio of 3.53, a current ratio of 4.77 and a debt-to-equity ratio of 0.66.

Nevro (NYSE:NVRO) last posted its quarterly earnings results on Monday, November 11th. The medical equipment provider reported ($0.41) EPS for the quarter, beating the consensus estimate 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 business had revenue of $96.60 million during the quarter, compared to analysts’ expectations of $93.09 million. During the same period last year, the firm earned ($0.65) EPS. The company’s quarterly revenue was down 7.0% compared to the same quarter last year. Research analysts predict that Nevro will post -2.6 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System grew its holdings in shares of Nevro by 14.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 11,578 shares of the medical equipment provider’s stock worth $167,000 after buying an additional 1,430 shares in the last quarter. Rhumbline Advisers boosted its position in Nevro by 5.0% during the second quarter. Rhumbline Advisers now owns 58,995 shares of the medical equipment provider’s stock worth $497,000 after acquiring an additional 2,836 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in Nevro by 1,788.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 6,932 shares of the medical equipment provider’s stock worth $58,000 after acquiring an additional 6,565 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Nevro by 18.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 45,016 shares of the medical equipment provider’s stock valued at $651,000 after acquiring an additional 7,004 shares during the last quarter. Finally, Blair William & Co. IL lifted its stake in shares of Nevro by 13.9% during the 2nd quarter. Blair William & Co. IL now owns 59,404 shares of the medical equipment provider’s stock worth $500,000 after purchasing an additional 7,250 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.