Neuronetics (NASDAQ:STIM) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Neuronetics (NASDAQ:STIM) had its target price upped by research analysts at Canaccord Genuity Group from $5.00 to $8.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 47.60% from the stock’s current price.

Neuronetics Trading Up 7.1 %

STIM stock traded up $0.36 during mid-day trading on Wednesday, reaching $5.42. 3,426,337 shares of the stock traded hands, compared to its average volume of 560,356. The stock’s fifty day moving average is $2.98 and its 200-day moving average is $1.67. The company has a market cap of $164.49 million, a P/E ratio of -4.41 and a beta of 2.07. The company has a current ratio of 3.16, a quick ratio of 2.87 and a debt-to-equity ratio of 4.90. Neuronetics has a 52-week low of $0.52 and a 52-week high of $5.83.

Insider Buying and Selling at Neuronetics

In other Neuronetics news, CFO Stephen Furlong sold 14,836 shares of Neuronetics stock in a transaction on Monday, February 10th. The shares were sold at an average price of $3.28, for a total transaction of $48,662.08. Following the completion of the sale, the chief financial officer now owns 482,572 shares of the company’s stock, valued at $1,582,836.16. This trade represents a 2.98 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Keith J. Sullivan sold 40,992 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now owns 1,283,362 shares in the company, valued at approximately $4,209,427.36. This represents a 3.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 98,125 shares of company stock valued at $348,876 in the last three months. 9.80% of the stock is currently owned by company insiders.

Institutional Trading of Neuronetics

A number of institutional investors have recently bought and sold shares of the company. Balyasny Asset Management L.P. increased its position in Neuronetics by 29.5% in the 4th 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. Geode Capital Management LLC grew its stake in shares of Neuronetics by 2.8% in the 4th quarter. Geode Capital Management LLC now owns 314,076 shares of the company’s stock valued at $506,000 after buying an additional 8,466 shares in the last quarter. HighTower Advisors LLC increased its holdings in Neuronetics by 55.5% in the third quarter. HighTower Advisors LLC now owns 245,982 shares of the company’s stock worth $187,000 after buying an additional 87,816 shares during the last quarter. GSA Capital Partners LLP raised its position in Neuronetics by 64.5% during the third quarter. GSA Capital Partners LLP now owns 78,642 shares of the company’s stock valued at $60,000 after acquiring an additional 30,837 shares in the last quarter. Finally, Landscape Capital Management L.L.C. bought a new position in Neuronetics during the third quarter valued at about $53,000. Institutional investors and hedge funds own 53.59% of the company’s stock.

About Neuronetics

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.