Neuronetics, Inc. (NASDAQ:STIM) Sees Large Growth in Short Interest

Neuronetics, Inc. (NASDAQ:STIM) was the target of a significant increase in short interest during the month of February. As of February 15th, there was short interest totalling 1,600,000 shares, an increase of 25.0% from the January 31st total of 1,280,000 shares. Based on an average daily volume of 1,080,000 shares, the days-to-cover ratio is presently 1.5 days.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group lifted their price objective on Neuronetics from $5.00 to $8.00 and gave the company a “buy” rating in a report on Wednesday.

Neuronetics Stock Performance

STIM stock opened at $4.96 on Friday. The business has a 50-day moving average price of $3.06 and a 200 day moving average price of $1.70. Neuronetics has a 1-year low of $0.52 and a 1-year high of $5.92. The company has a debt-to-equity ratio of 4.90, a current ratio of 3.16 and a quick ratio of 2.87. The company has a market capitalization of $150.53 million, a P/E ratio of -4.03 and a beta of 2.07.

Insider Transactions at Neuronetics

In related news, EVP William Andrew Macan sold 12,175 shares of Neuronetics stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $3.83, for a total value of $46,630.25. Following the completion of the sale, the executive vice president now directly owns 388,647 shares in the company, valued at $1,488,518.01. The trade was a 3.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Stephen Furlong sold 17,307 shares of Neuronetics stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $4.11, for a total value of $71,131.77. Following the completion of the sale, the chief financial officer now owns 454,420 shares of the company’s stock, valued at $1,867,666.20. The trade was a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 100,369 shares of company stock worth $358,929. 9.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Neuronetics

Several institutional investors and hedge funds have recently added to or reduced their stakes in STIM. Balyasny Asset Management L.P. grew its stake in Neuronetics by 29.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,481,771 shares of the company’s stock valued at $2,386,000 after purchasing an additional 337,539 shares during the last quarter. HighTower Advisors LLC grew its stake in Neuronetics by 55.5% in the third quarter. HighTower Advisors LLC now owns 245,982 shares of the company’s stock valued at $187,000 after purchasing an additional 87,816 shares during the last quarter. Landscape Capital Management L.L.C. purchased a new position in Neuronetics in the third quarter valued at about $53,000. JPMorgan Chase & Co. grew its stake in Neuronetics by 10,954.1% in the fourth quarter. JPMorgan Chase & Co. now owns 54,939 shares of the company’s stock valued at $88,000 after purchasing an additional 54,442 shares during the last quarter. Finally, GSA Capital Partners LLP grew its stake in Neuronetics by 64.5% in the third quarter. GSA Capital Partners LLP now owns 78,642 shares of the company’s stock valued at $60,000 after purchasing an additional 30,837 shares during the last quarter. Hedge funds and other institutional investors own 53.59% of the company’s stock.

Neuronetics Company Profile

Neuronetics, Inc, a commercial stage medical technology company, designs, develops, and markets products for patients with neurohealth disorders in the United States and internationally. The company offers NeuroStar Advanced Therapy System, a non-invasive and non-systemic office-based treatment to treat adult patients with major depressive disorder.