Citigroup Downgrades Nevro (NYSE:NVRO) to Sell

Nevro (NYSE:NVROGet Free Report) was downgraded by investment analysts at Citigroup from a “neutral” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, MarketBeat reports. They currently have a $9.00 target price on the medical equipment provider’s stock, down from their previous target price of $13.50. Citigroup’s price target would indicate a potential downside of 4.00% from the stock’s previous close.

Several other equities research analysts also recently commented on the stock. Canaccord Genuity Group dropped their price objective on shares of Nevro from $17.00 to $11.00 and set a “hold” rating on the stock in a report on Wednesday, May 8th. Piper Sandler reduced their price target on Nevro from $15.00 to $12.00 and set an “underweight” rating for the company in a research report on Wednesday, May 8th. Robert W. Baird dropped their price objective on Nevro from $23.00 to $19.00 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Oppenheimer lowered Nevro from an “outperform” rating to a “market perform” rating in a report on Thursday, February 22nd. Finally, Mizuho cut their price objective on shares of Nevro from $20.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $19.46.

View Our Latest Stock Report on Nevro

Nevro Trading Down 4.4 %

NYSE NVRO opened at $9.38 on Wednesday. The company has a current ratio of 7.38, a quick ratio of 5.57 and a debt-to-equity ratio of 0.77. The business has a fifty day simple moving average of $12.18 and a 200 day simple moving average of $15.85. Nevro has a 12 month low of $8.93 and a 12 month high of $28.42. The firm has a market capitalization of $344.33 million, a P/E ratio of -4.09 and a beta of 0.96.

Nevro (NYSE:NVROGet Free Report) last released its earnings results on Tuesday, May 7th. The medical equipment provider reported ($0.70) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.02) by $0.32. The company had revenue of $101.90 million during the quarter, compared to analyst estimates of $97.90 million. Nevro had a negative return on equity of 27.48% and a negative net margin of 19.17%. Nevro’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.98) earnings per share. On average, analysts predict that Nevro will post -2.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Nevro

Large investors have recently bought and sold shares of the stock. Armistice Capital LLC grew its holdings in shares of Nevro by 46.7% in the third quarter. Armistice Capital LLC now owns 3,456,000 shares of the medical equipment provider’s stock worth $66,424,000 after purchasing an additional 1,100,000 shares during the last quarter. UBS Group AG increased its position in shares of Nevro by 19,354.5% in the third quarter. UBS Group AG now owns 903,272 shares of the medical equipment provider’s stock valued at $17,361,000 after acquiring an additional 898,629 shares during the period. Goldman Sachs Group Inc. raised 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 acquiring an additional 431,136 shares during the last quarter. Norges Bank bought a new stake in shares of Nevro in the fourth quarter worth about $8,498,000. Finally, Federated Hermes Inc. increased its holdings in Nevro by 380.1% during the 4th quarter. Federated Hermes Inc. now owns 431,153 shares of the medical equipment provider’s stock valued at $9,278,000 after purchasing an additional 341,343 shares during the period. 95.52% of the stock is owned by hedge funds and other institutional investors.

Nevro Company Profile

(Get Free Report)

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.

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