Nevro (NYSE:NVRO) Cut to “Sell” at Citigroup

Citigroup downgraded shares of Nevro (NYSE:NVRO) from a neutral rating to a sell rating in a research report report published on Wednesday morning, MarketBeat reports. Citigroup currently has $9.00 price target on the medical equipment provider’s stock, down from their previous price target of $13.50.

Several other analysts have also recently weighed in on NVRO. Mizuho reduced their price target on Nevro from $20.00 to $16.00 and set a neutral rating on the stock in a report on Thursday, April 11th. Piper Sandler reduced their price target on Nevro from $15.00 to $12.00 and set an underweight rating on the stock in a report on Wednesday, May 8th. Royal Bank of Canada reduced their price target on Nevro from $18.00 to $16.00 and set a sector perform rating on the stock in a report on Monday, April 15th. Wells Fargo & Company reduced their price target on Nevro from $14.00 to $13.00 and set an equal weight rating on the stock in a report on Wednesday, May 8th. Finally, Canaccord Genuity Group reduced their target price on Nevro from $17.00 to $11.00 and set a hold rating on the stock in a report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Hold and an average price target of $19.46.

Nevro Stock Performance

NVRO opened at $9.39 on Wednesday. Nevro has a fifty-two week low of $8.93 and a fifty-two week high of $28.42. The company has a debt-to-equity ratio of 0.77, a current ratio of 7.38 and a quick ratio of 5.57. The stock has a fifty day moving average of $12.09 and a 200-day moving average of $15.81.

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

Hedge Funds Weigh In On Nevro

A number of hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its position in shares of Nevro by 6.5% in the third quarter. Bank of New York Mellon Corp now owns 130,533 shares of the medical equipment provider’s stock worth $2,509,000 after buying an additional 7,945 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Nevro by 83.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,970 shares of the medical equipment provider’s stock valued at $192,000 after purchasing an additional 4,547 shares during the period. M&T Bank Corp raised its position in Nevro by 41.9% during the third quarter. M&T Bank Corp now owns 31,294 shares of the medical equipment provider’s stock valued at $601,000 after purchasing an additional 9,235 shares during the period. Versor Investments LP raised its position in Nevro by 22.9% during the third quarter. Versor Investments LP now owns 11,017 shares of the medical equipment provider’s stock valued at $212,000 after purchasing an additional 2,050 shares during the period. Finally, Barclays PLC raised its position in Nevro by 30.6% during the third quarter. Barclays PLC now owns 17,632 shares of the medical equipment provider’s stock valued at $339,000 after purchasing an additional 4,133 shares during the period. 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.