Short Interest in Neuronetics, Inc. (NASDAQ:STIM) Grows By 16.4%

Neuronetics, Inc. (NASDAQ:STIM) was the recipient of a large increase in short interest during the month of April. As of April 15th, there was short interest totaling 10,912,723 shares, an increase of 16.4% from the March 31st total of 9,377,645 shares. Based on an average trading volume of 2,414,608 shares, the days-to-cover ratio is presently 4.5 days. Approximately 17.2% of the company’s shares are sold short.

Wall Street Analyst Weigh In

Several brokerages have recently commented on STIM. Weiss Ratings restated a “sell (e+)” rating on shares of Neuronetics in a report on Thursday, January 22nd. Canaccord Genuity Group decreased their price objective on shares of Neuronetics from $7.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, March 19th. Finally, Wall Street Zen upgraded shares of Neuronetics from a “sell” rating to a “hold” rating in a report on Saturday, April 18th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Neuronetics has an average rating of “Hold” and an average price target of $3.00.

Neuronetics Stock Up 4.1%

Shares of NASDAQ STIM opened at $2.02 on Friday. The stock has a market cap of $140.55 million, a P/E ratio of -3.42 and a beta of 1.13. The business’s fifty day simple moving average is $1.44 and its 200-day simple moving average is $1.73. Neuronetics has a 12-month low of $0.80 and a 12-month high of $4.85. The company has a current ratio of 2.02, a quick ratio of 1.87 and a debt-to-equity ratio of 2.51.

Neuronetics (NASDAQ:STIM) last released its earnings results on Tuesday, March 17th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.02. Neuronetics had a negative return on equity of 121.26% and a negative net margin of 26.15%.The firm had revenue of $41.78 million during the quarter, compared to analysts’ expectations of $40.84 million. As a group, equities analysts predict that Neuronetics will post -0.49 EPS for the current fiscal year.

Insider Activity at Neuronetics

In related news, major shareholder Jorey Chernett acquired 607,400 shares of the firm’s stock in a transaction dated Wednesday, March 18th. The shares were purchased at an average cost of $1.35 per share, for a total transaction of $819,990.00. Following the acquisition, the insider owned 8,123,804 shares in the company, valued at $10,967,135.40. The trade was a 8.08% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Keith J. Sullivan sold 46,289 shares of the company’s stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $1.34, for a total transaction of $62,027.26. Following the completion of the transaction, the director owned 1,590,924 shares in the company, valued at approximately $2,131,838.16. This represents a 2.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders bought 1,857,872 shares of company stock worth $2,431,406 and sold 183,032 shares worth $269,588. Corporate insiders own 8.40% of the company’s stock.

Institutional Investors Weigh In On Neuronetics

Several large investors have recently bought and sold shares of STIM. Madryn Asset Management LP purchased a new stake in Neuronetics during the 4th quarter worth about $25,497,000. UBS Group AG increased its holdings in Neuronetics by 580.7% during the 3rd quarter. UBS Group AG now owns 2,164,831 shares of the company’s stock worth $5,910,000 after purchasing an additional 1,846,801 shares during the period. Lane Generational LLC purchased a new stake in Neuronetics during the 4th quarter worth about $2,353,000. Goldman Sachs Group Inc. increased its holdings in Neuronetics by 2,993.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 630,393 shares of the company’s stock worth $2,320,000 after purchasing an additional 610,014 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Neuronetics by 172.3% in the 2nd 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 last quarter. Hedge funds and other 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.