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

Neuronetics, Inc. (NASDAQ:STIM) was the target of a significant increase in short interest during the month of January. As of January 30th, there was short interest totaling 8,588,113 shares, an increase of 20.0% from the January 15th total of 7,159,363 shares. Based on an average daily volume of 1,084,185 shares, the days-to-cover ratio is presently 7.9 days. Approximately 13.9% of the company’s stock are short sold. Approximately 13.9% of the company’s stock are short sold. Based on an average daily volume of 1,084,185 shares, the days-to-cover ratio is presently 7.9 days.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on STIM shares. Wall Street Zen upgraded Neuronetics from a “sell” rating to a “hold” rating in a research note on Saturday, December 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Neuronetics in a report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $7.00.

Neuronetics Trading Up 0.3%

Shares of NASDAQ:STIM traded up $0.01 during midday trading on Wednesday, hitting $1.44. 970,674 shares of the stock traded hands, compared to its average volume of 2,451,077. The stock has a market capitalization of $98.28 million, a PE ratio of -1.75 and a beta of 0.79. 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 business’s 50 day moving average is $1.69 and its two-hundred day moving average is $2.38. Neuronetics has a one year low of $1.25 and a one year high of $5.92.

Insider Transactions at Neuronetics

In other news, CEO Keith J. Sullivan sold 40,976 shares of the firm’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $1.55, for a total transaction of $63,512.80. Following the completion of the sale, the chief executive officer directly owned 1,567,012 shares of the company’s stock, valued at $2,428,868.60. This trade represents a 2.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 8.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of STIM. Madryn Asset Management LP purchased a new stake in shares of Neuronetics in the 4th quarter worth $25,497,000. Vanguard Group Inc. raised its position in shares of Neuronetics by 3.3% during the third quarter. Vanguard Group Inc. now owns 2,832,118 shares of the company’s stock valued at $7,732,000 after buying an additional 89,504 shares during the last quarter. UBS Group AG grew its stake in Neuronetics by 20.4% during the fourth quarter. UBS Group AG now owns 2,607,047 shares of the company’s stock valued at $3,598,000 after acquiring an additional 442,216 shares in the last quarter. Lane Generational LLC purchased a new stake in Neuronetics in the 4th quarter worth $2,353,000. Finally, Balyasny Asset Management L.P. grew its position in shares of Neuronetics by 6.5% during the second quarter. Balyasny Asset Management L.P. now owns 1,509,099 shares of the company’s stock valued at $5,267,000 after purchasing an additional 92,048 shares in the last quarter. 53.59% of the stock is owned by hedge funds and other institutional investors.

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.