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

Neuronetics, Inc. (NASDAQ:STIM) was the target of a significant growth in short interest in March. As of March 15th, there was short interest totalling 2,780,000 shares, a growth of 39.7% from the February 28th total of 1,990,000 shares. Based on an average daily volume of 1,440,000 shares, the days-to-cover ratio is currently 1.9 days. Approximately 10.2% of the shares of the company are short sold.

Insider Activity at Neuronetics

In related news, EVP William Andrew Macan sold 12,175 shares of the firm’s stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $3.83, for a total transaction of $46,630.25. Following the completion of the sale, the executive vice president now directly owns 388,647 shares of the company’s stock, valued at $1,488,518.01. This trade represents a 3.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Stephen Furlong sold 14,836 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $3.28, for a total value of $48,662.08. Following the sale, the chief financial officer now owns 482,572 shares in the company, valued at $1,582,836.16. The trade was a 2.98 % decrease in their position. 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 owned by corporate insiders.

Institutional Investors Weigh In On Neuronetics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Balyasny Asset Management L.P. boosted its stake 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 period. Geode Capital Management LLC raised its stake in Neuronetics by 2.8% in the fourth 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 during the period. HighTower Advisors LLC raised its stake in Neuronetics by 55.5% in the 3rd quarter. HighTower Advisors LLC now owns 245,982 shares of the company’s stock valued at $187,000 after acquiring an additional 87,816 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Neuronetics by 10,954.1% during the 4th quarter. JPMorgan Chase & Co. now owns 54,939 shares of the company’s stock worth $88,000 after buying an additional 54,442 shares during the last quarter. Finally, David J Yvars Group boosted its holdings in shares of Neuronetics by 47.1% during the 4th quarter. David J Yvars Group now owns 46,325 shares of the company’s stock worth $75,000 after buying an additional 14,825 shares during the period. Institutional investors own 53.59% of the company’s stock.

Neuronetics Trading Down 5.8 %

Shares of NASDAQ:STIM traded down $0.23 during trading on Friday, hitting $3.77. 1,720,939 shares of the company’s stock were exchanged, compared to its average volume of 627,622. The firm has a 50-day moving average price of $4.03 and a two-hundred day moving average price of $2.14. 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 1-year low of $0.52 and a 1-year high of $5.92. The firm has a market cap of $114.41 million, a P/E ratio of -3.07 and a beta of 2.07.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group increased their price objective on shares of Neuronetics from $5.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, March 5th.

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.