Canaccord Genuity Group Lowers Neuronetics (NASDAQ:STIM) Price Target to $3.00

Neuronetics (NASDAQ:STIM) had its price target reduced by research analysts at Canaccord Genuity Group from $7.00 to $3.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 106.33% from the stock’s current price.

A number of other equities research analysts have also recently commented on STIM. Wall Street Zen upgraded Neuronetics from a “sell” rating to a “hold” rating in a report on Saturday, December 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Neuronetics in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Neuronetics presently has an average rating of “Hold” and an average price target of $3.00.

Neuronetics Stock Up 7.7%

Shares of STIM stock traded up $0.10 during trading hours on Thursday, hitting $1.45. 3,081,269 shares of the company’s stock traded hands, compared to its average volume of 2,092,676. The company has a quick ratio of 2.09, a current ratio of 2.24 and a debt-to-equity ratio of 2.09. The stock’s fifty day simple moving average is $1.62 and its two-hundred day simple moving average is $2.04. Neuronetics has a 12-month low of $0.80 and a 12-month high of $5.13. The stock has a market cap of $99.58 million, a price-to-earnings ratio of -2.42 and a beta of 0.87.

Neuronetics (NASDAQ:STIM) last posted its quarterly earnings data on Tuesday, March 17th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. The company had revenue of $41.78 million during the quarter, compared to analyst estimates of $40.84 million. Neuronetics had a negative return on equity of 114.25% and a negative net margin of 26.15%. On average, analysts expect that Neuronetics will post -1.13 EPS for the current year.

Insider Buying and Selling at Neuronetics

In other Neuronetics news, CEO Keith J. Sullivan sold 33,847 shares of Neuronetics stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $1.65, for a total value of $55,847.55. Following the completion of the sale, the chief executive officer owned 1,533,165 shares of the company’s stock, valued at approximately $2,529,722.25. This trade represents a 2.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Jorey Chernett purchased 531,000 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The stock was acquired at an average price of $1.16 per share, with a total value of $615,960.00. Following the purchase, the insider directly owned 7,516,404 shares of the company’s stock, valued at approximately $8,719,028.64. The trade was a 7.60% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have sold 104,307 shares of company stock worth $164,097. Company insiders own 8.70% of the company’s stock.

Hedge Funds Weigh In On Neuronetics

Several hedge funds and other institutional investors have recently bought and sold shares of STIM. Goldman Sachs Group Inc. boosted its holdings in shares of Neuronetics by 2,993.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 630,393 shares of the company’s stock valued at $2,320,000 after acquiring an additional 610,014 shares during the last quarter. Geode Capital Management LLC lifted its position in Neuronetics by 172.3% during the second quarter. Geode Capital Management LLC now owns 879,045 shares of the company’s stock valued at $3,068,000 after purchasing an additional 556,268 shares during the period. Police & Firemen s Retirement System of New Jersey bought a new position in Neuronetics during the second quarter valued at approximately $34,000. Intech Investment Management LLC purchased a new stake in Neuronetics in the second quarter worth approximately $64,000. Finally, JPMorgan Chase & Co. grew its position in Neuronetics by 195,023.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 66,342 shares of the company’s stock worth $232,000 after purchasing an additional 66,308 shares during the period. Institutional investors own 53.59% of the company’s stock.

Neuronetics Company Profile

Neuronetics, Inc is a commercial?stage medical technology company that develops and markets non-invasive neuromodulation therapies for psychiatric and neurological disorders. The company’s flagship product, the NeuroStar Advanced Therapy System, uses repetitive transcranial magnetic stimulation (rTMS) to deliver targeted magnetic pulses to areas of the brain implicated in major depressive disorder (MDD). NeuroStar Advanced Therapy has received U.S. Food and Drug Administration clearance for the treatment of adults with treatment-resistant depression and is supported by a growing body of clinical evidence demonstrating its safety and efficacy.

Founded in 2003 and headquartered in Malvern, Pennsylvania, Neuronetics focuses on advancing clinical care through innovation in neurostimulation.