Neuronetics (NASDAQ:STIM) Stock Falls 2.2% – Here’s What Happened

Shares of Neuronetics, Inc. (NASDAQ:STIM) fell 2.2% during mid-day trading on Tuesday. The stock traded as low as $2.18 and last traded at $2.19. Approximately 278,261 shares were traded during trading, The stock had previously closed at $2.24.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. B. Riley Financial started coverage on Neuronetics in a research note on Friday, September 11th. They issued a “buy” rating on the stock. BTIG Research reiterated a “buy” rating and set a $6.00 price target on shares of Neuronetics in a report on Thursday, September 17th. Weiss Ratings reissued a “sell (e+)” rating on shares of Neuronetics in a research report on Monday, September 14th. Citigroup restated a “market outperform” rating on shares of Neuronetics in a report on Tuesday, July 21st. Finally, Wall Street Zen upgraded shares of Neuronetics from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $4.67.

Neuronetics Stock Down 2.2%

The stock has a 50 day moving average price of $2.57 and a two-hundred day moving average price of $1.87.

Neuronetics (NASDAQ:STIM) last posted its earnings results on Tuesday, August 11th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.07. The firm had revenue of $41.57 million for the quarter, compared to analyst estimates of $40.17 million. Sell-side analysts predict that Neuronetics, Inc. will post -0.33 EPS for the current fiscal year.

Insider Activity

In other Neuronetics news, major shareholder Jorey Chernett acquired 14,000 shares of the stock in a transaction dated Friday, August 14th. The stock was acquired at an average price of $3.16 per share, with a total value of $44,240.00. Following the completion of the purchase, the insider owned 10,602,988 shares in the company, valued at $33,505,442.08. This trade represents a 0.13% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 8.40% of the company’s stock.

Institutional Investors Weigh In On Neuronetics

Several large investors have recently added to or reduced their stakes in STIM. David J Yvars Group boosted its position in Neuronetics by 35.7% in the 2nd quarter. David J Yvars Group now owns 27,550 shares of the company’s stock valued at $36,000 after buying an additional 7,250 shares during the period. Fielder Capital Group LLC acquired a new position in shares of Neuronetics in the second quarter worth $30,000. State of Wyoming acquired a new position in shares of Neuronetics in the second quarter worth $31,000. IMC Chicago LLC acquired a new position in shares of Neuronetics in the first quarter worth $40,000. Finally, T3 Companies LLC purchased a new stake in shares of Neuronetics during the third quarter worth $88,000. 53.59% of the stock is owned by hedge funds and other institutional investors.

Neuronetics Company Profile

Neuronetics, Inc is a medical technology company that develops and commercializes noninvasive treatments for psychiatric and neurological disorders. Its primary product is NeuroStar TMS Therapy, which uses transcranial magnetic stimulation to deliver targeted magnetic pulses to areas of the brain associated with mood regulation.

NeuroStar TMS Therapy is cleared by the U.S. Food and Drug Administration for treating major depressive disorder in adults and adolescents, obsessive-compulsive disorder, and depression with anxious distress.