Neuronetics, Inc. (NASDAQ:STIM) Sees Significant Increase in Short Interest

Neuronetics, Inc. (NASDAQ:STIM) was the recipient of a significant increase in short interest in the month of February. As of February 28th, there was short interest totalling 1,990,000 shares, an increase of 24.4% from the February 13th total of 1,600,000 shares. Based on an average daily volume of 1,330,000 shares, the days-to-cover ratio is currently 1.5 days. Approximately 7.3% of the company’s shares are short sold.

Neuronetics Stock Performance

Shares of STIM opened at $4.94 on Wednesday. The company has a debt-to-equity ratio of 4.90, a quick ratio of 2.87 and a current ratio of 3.16. Neuronetics has a twelve month low of $0.52 and a twelve month high of $5.92. The firm’s 50 day moving average price is $3.64 and its two-hundred day moving average price is $1.94. The firm has a market cap of $149.92 million, a P/E ratio of -4.02 and a beta of 2.07.

Insider Activity at Neuronetics

In related news, CEO Keith J. Sullivan sold 40,992 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $3.28, for a total transaction of $134,453.76. Following the completion of the transaction, the chief executive officer now owns 1,283,362 shares in the company, valued at approximately $4,209,427.36. The trade was a 3.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Stephen Furlong sold 17,307 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $4.11, for a total transaction of $71,131.77. Following the transaction, the chief financial officer now owns 454,420 shares of the company’s stock, valued at approximately $1,867,666.20. This represents a 3.67 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 100,369 shares of company stock worth $358,929. 9.80% of the stock is currently owned by company insiders.

Institutional Trading of Neuronetics

Institutional investors have recently made changes to their positions in the business. Tradewinds LLC. bought a new stake in shares of Neuronetics in the fourth quarter worth $32,000. XTX Topco Ltd bought a new stake in shares of Neuronetics in the fourth quarter worth $49,000. Landscape Capital Management L.L.C. bought a new stake in shares of Neuronetics in the third quarter worth $53,000. Wealthedge Investment Advisors LLC bought a new stake in shares of Neuronetics in the fourth quarter worth $57,000. Finally, GSA Capital Partners LLP lifted its position in shares of Neuronetics by 64.5% in the third quarter. GSA Capital Partners LLP now owns 78,642 shares of the company’s stock worth $60,000 after purchasing an additional 30,837 shares in the last quarter. Institutional investors own 53.59% of the company’s stock.

Analyst Ratings Changes

Separately, Canaccord Genuity Group lifted their price target on shares of Neuronetics from $5.00 to $8.00 and gave the company a “buy” rating in a research note on Wednesday, March 5th.

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.