Neuronetics, Inc. (NASDAQ:STIM) Sees Significant Increase in Short Interest
Neuronetics, Inc. (NASDAQ:STIM) experienced a 24.4% increase in short interest in February, totaling 1,990,000 shares. This represents 7.3% of the company's shares sold short, with a short-interest ratio of 1.5 days based on an average trading volume of 1,330,000 shares. Analysts at Canaccord Genuity raised their price target from $5.00 to $8.00, maintaining a "buy" rating. The stock opened at $4.52, with a market cap of $137.17 million. Recent insider sales included EVP William Andrew Macan and CEO Keith J. Sullivan, reducing their holdings by 3.04% and 3.10%, respectively.
Neuronetics, Inc. (NASDAQ:STIM - Get Free Report) saw a large growth in short interest in 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. Currently, 7.3% of the company's shares are short sold. Based on an average daily trading volume, of 1,330,000 shares, the short-interest ratio is presently 1.5 days.
Analyst Ratings Changes
Separately, Canaccord Genuity Group upped their price objective on Neuronetics from $5.00 to $8.00 and gave the company a "buy" rating in a research report on Wednesday, March 5th.
Check Out Our Latest Stock Analysis on Neuronetics
Neuronetics Stock Performance
Shares of Neuronetics stock opened at $4.52 on Monday. The stock's fifty day moving average is $3.50 and its two-hundred day moving average is $1.88. The company has a market capitalization of $137.17 million, a PE 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. Neuronetics has a 52 week low of $0.52 and a 52 week high of $5.92.
Insider Activity at Neuronetics
In related news, EVP William Andrew Macan sold 12,175 shares of the 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 sale, the executive vice president now owns 388,647 shares in the company, valued at approximately $1,488,518.01. This represents a 3.04 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Keith J. Sullivan sold 40,992 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $3.28, for a total value of $134,453.76. Following the sale, the chief executive officer now owns 1,283,362 shares in the company, valued at $4,209,427.36. The trade was a 3.10 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 100,369 shares of company stock worth $358,929. Company insiders own 9.80% of the company's stock.
Hedge Funds Weigh In On Neuronetics
Several hedge funds have recently bought and sold shares of the business. Tradewinds LLC. bought a new position in shares of Neuronetics during the 4th quarter worth $32,000. XTX Topco Ltd bought a new position in shares of Neuronetics during the 4th quarter worth $49,000. Wealthedge Investment Advisors LLC bought a new position in shares of Neuronetics during the 4th quarter worth $57,000. David J Yvars Group grew its position 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 in the last quarter. Finally, JPMorgan Chase & Co. grew its position 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 in the last quarter. Institutional investors own 53.59% of the company's stock.
About Neuronetics
(Get Free Report)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.
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