Nevro (NYSE:NVRO) Price Target Cut to $7.00 by Analysts at Canaccord Genuity Group

Nevro (NYSE:NVRO) had its price objective decreased by stock analysts at Canaccord Genuity Group from $8.00 to $7.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “hold” rating on the medical equipment provider’s stock. Canaccord Genuity Group’s target price would suggest a potential upside of 26.35% from the company’s current price.

Several other research analysts also recently commented on the company. Truist Financial reduced their target price on Nevro from $10.00 to $5.50 and set a “hold” rating on the stock in a report on Thursday, August 8th. JPMorgan Chase & Co. cut Nevro from a “neutral” rating to an “underweight” rating in a report on Wednesday, August 7th. Wells Fargo & Company cut 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. Robert W. Baird increased their price target on shares of Nevro from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Morgan Stanley lowered their price target on shares of Nevro from $14.00 to $9.00 and set an “equal weight” rating for the company in a research report on Monday, July 15th. Three research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $9.10.

Nevro Price Performance

NVRO stock traded up $0.22 during trading on Tuesday, hitting $5.54. 962,791 shares of the stock traded hands, compared to its average volume of 554,784. The stock has a market cap of $206.53 million, a price-to-earnings ratio of -2.90 and a beta of 0.93. Nevro has a one year low of $4.38 and a one year high of $22.64. The company has a current ratio of 4.77, a quick ratio of 3.53 and a debt-to-equity ratio of 0.66. The company has a 50 day simple moving average of $5.25 and a 200 day simple moving average of $7.53.

Institutional Trading of Nevro

Large investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its stake in Nevro by 1,788.8% in the second quarter. Nisa Investment Advisors LLC now owns 6,932 shares of the medical equipment provider’s stock valued at $58,000 after acquiring an additional 6,565 shares during the period. Intech Investment Management LLC bought a new stake in Nevro during the 3rd quarter worth approximately $69,000. SG Americas Securities LLC acquired a new stake in Nevro during the 3rd quarter worth approximately $71,000. Canada Pension Plan Investment Board boosted its holdings in shares of Nevro by 345.8% in the second quarter. Canada Pension Plan Investment Board now owns 10,700 shares of the medical equipment provider’s stock valued at $90,000 after buying an additional 8,300 shares during the period. Finally, State Board of Administration of Florida Retirement System increased its position 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 acquiring an additional 1,430 shares in the last quarter. Institutional investors own 95.52% of the company’s stock.

Nevro Company Profile

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.