Nevro (NYSE:NVRO) Upgraded at Piper Sandler

Nevro (NYSE:NVRO) was upgraded by stock analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a note issued to investors on Friday,Briefing.com Automated Import reports. The brokerage currently has a $5.85 target price on the medical equipment provider’s stock, down from their previous target price of $6.00. Piper Sandler’s target price indicates a potential upside of 2.18% from the stock’s current price.

A number of other analysts also recently commented on NVRO. Robert W. Baird raised their price objective on Nevro from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $7.00 price objective on shares of Nevro in a research report on Tuesday, November 12th. Citigroup reduced their price objective on Nevro from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Wednesday, December 11th. StockNews.com upgraded Nevro from a “sell” rating to a “hold” rating in a research report on Tuesday, November 19th. Finally, Truist Financial reduced their price objective on Nevro from $7.00 to $4.70 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $6.28.

Nevro Stock Performance

NVRO opened at $5.73 on Friday. The firm has a market capitalization of $214.52 million, a P/E ratio of -3.03 and a beta of 0.91. The stock’s 50 day moving average price is $4.25 and its two-hundred day moving average price is $5.24. The company has a quick ratio of 3.76, a current ratio of 5.02 and a debt-to-equity ratio of 0.67. Nevro has a 12-month low of $3.16 and a 12-month high of $17.75.

Nevro (NYSE:NVRO) last released 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 firm had revenue of $96.60 million for the quarter, compared to analyst estimates of $93.09 million. Nevro had a negative return on equity of 23.52% and a negative net margin of 16.54%. The company’s revenue was down 7.0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.65) EPS. On average, equities analysts forecast that Nevro will post -2.44 earnings per share for the current year.

Hedge Funds Weigh In On Nevro

Hedge funds and other institutional investors have recently modified their holdings of the stock. ArrowMark Colorado Holdings LLC boosted its stake in Nevro by 2.4% in the third quarter. ArrowMark Colorado Holdings LLC now owns 4,391,258 shares of the medical equipment provider’s stock worth $24,547,000 after purchasing an additional 102,150 shares in the last quarter. Engaged Capital LLC lifted its position in Nevro by 29.5% during the 3rd quarter. Engaged Capital LLC now owns 2,442,956 shares of the medical equipment provider’s stock worth $13,656,000 after buying an additional 557,000 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Nevro by 130.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,000,000 shares of the medical equipment provider’s stock worth $5,590,000 after buying an additional 566,462 shares in the last quarter. Western Standard LLC bought a new stake in Nevro during the 3rd quarter worth about $5,473,000. Finally, Assenagon Asset Management S.A. grew its holdings in Nevro by 27.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 929,348 shares of the medical equipment provider’s stock worth $5,195,000 after acquiring an additional 200,885 shares during the last quarter. Institutional investors 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.