Neuronetics, Inc. (NASDAQ:STIM) Short Interest Up 24.4% in February

Neuronetics, Inc. (NASDAQ:STIM) was the recipient of a significant growth in short interest in 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 shares of the stock are short sold. Based on an average trading volume of 1,330,000 shares, the days-to-cover ratio is presently 1.5 days.

Insiders Place Their Bets

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 of the company’s stock, valued at $1,488,518.01. This trade represents a 3.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Stephen Furlong sold 14,836 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 $48,662.08. Following the sale, the chief financial officer now directly owns 482,572 shares in the company, valued at approximately $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 quarter, insiders sold 100,369 shares of company stock worth $358,929. 9.80% of the stock is owned by corporate insiders.

Institutional Trading of Neuronetics

A number of hedge funds have recently added to or reduced their stakes in the business. Balyasny Asset Management L.P. raised its holdings in shares of 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 holdings 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 worth $506,000 after purchasing an additional 8,466 shares during the period. HighTower Advisors LLC raised its holdings in shares of Neuronetics by 55.5% in the 3rd quarter. HighTower Advisors LLC now owns 245,982 shares of the company’s stock worth $187,000 after purchasing an additional 87,816 shares during the period. GSA Capital Partners LLP raised its holdings in shares of Neuronetics by 64.5% in the 3rd quarter. GSA Capital Partners LLP now owns 78,642 shares of the company’s stock worth $60,000 after purchasing an additional 30,837 shares during the period. Finally, Landscape Capital Management L.L.C. purchased a new position in shares of Neuronetics in the 3rd quarter worth about $53,000. 53.59% of the stock is owned by institutional investors and hedge funds.

Neuronetics Trading Down 1.6 %

NASDAQ:STIM traded down $0.08 during mid-day trading on Tuesday, reaching $4.98. The company’s stock had a trading volume of 619,046 shares, compared to its average volume of 597,111. The company’s fifty day simple moving average is $3.57 and its two-hundred day simple moving average is $1.91. The company has a debt-to-equity ratio of 4.90, a current ratio of 3.16 and a quick ratio of 2.87. Neuronetics has a twelve month low of $0.52 and a twelve month high of $5.92. The stock has a market cap of $151.16 million, a P/E ratio of -4.04 and a beta of 2.07.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group raised their price target on Neuronetics from $5.00 to $8.00 and gave the stock a “buy” rating in a research note 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.