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

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

Insider Buying and Selling

In other Neuronetics news, CEO Keith J. Sullivan sold 40,992 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $3.28, for a total value of $134,453.76. Following the completion of the sale, the chief executive officer now directly owns 1,283,362 shares in the company, valued at approximately $4,209,427.36. This trade represents a 3.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Stephen Furlong sold 10,845 shares of the stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $3.83, for a total value of $41,536.35. Following the completion of the sale, the chief financial officer now owns 471,727 shares of the company’s stock, valued at approximately $1,806,714.41. This trade represents a 2.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 100,369 shares of company stock worth $358,929 in the last three months. 9.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of STIM. Balyasny Asset Management L.P. raised its stake in shares of Neuronetics by 29.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,481,771 shares of the company’s stock worth $2,386,000 after purchasing an additional 337,539 shares during the last quarter. HighTower Advisors LLC grew its holdings in Neuronetics by 55.5% during the third quarter. HighTower Advisors LLC now owns 245,982 shares of the company’s stock worth $187,000 after acquiring an additional 87,816 shares during the period. Landscape Capital Management L.L.C. acquired a new stake in Neuronetics during the third quarter worth about $53,000. JPMorgan Chase & Co. grew its holdings in Neuronetics by 10,954.1% during the fourth quarter. JPMorgan Chase & Co. now owns 54,939 shares of the company’s stock worth $88,000 after acquiring an additional 54,442 shares during the period. Finally, Wealthedge Investment Advisors LLC acquired a new stake in Neuronetics during the fourth quarter worth about $57,000. 53.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Neuronetics Trading Up 2.5 %

Shares of NASDAQ:STIM opened at $4.52 on Monday. Neuronetics has a 52-week low of $0.52 and a 52-week high of $5.92. The stock has a market cap of $137.17 million, a price-to-earnings ratio of -3.67 and a beta of 2.07. The company has a quick ratio of 2.87, a current ratio of 3.16 and a debt-to-equity ratio of 4.90. The business has a 50-day moving average price of $3.50 and a 200-day moving average price of $1.88.

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.