Neuronetics (NASDAQ:STIM) Trading Down 2.8% – Here’s What Happened

Neuronetics, Inc. (NASDAQ:STIM)’s stock price was down 2.8% during mid-day trading on Wednesday . The company traded as low as $1.3650 and last traded at $1.39. Approximately 1,808,719 shares traded hands during mid-day trading, a decline of 22% from the average daily volume of 2,318,952 shares. The stock had previously closed at $1.43.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on STIM. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Neuronetics in a research note on Thursday, January 22nd. Wall Street Zen downgraded Neuronetics from a “hold” rating to a “sell” rating in a research note on Saturday, March 21st. Finally, Canaccord Genuity Group reduced their target price on Neuronetics from $7.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday, March 19th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.00.

Neuronetics Trading Down 2.8%

The company has a current ratio of 2.02, a quick ratio of 1.87 and a debt-to-equity ratio of 2.51. The company has a fifty day simple moving average of $1.41 and a 200-day simple moving average of $1.82. The company has a market capitalization of $96.72 million, a PE ratio of -2.36 and a beta of 0.87.

Neuronetics (NASDAQ:STIM) last issued its earnings results on Tuesday, March 17th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.02. The company had revenue of $41.78 million during the quarter, compared to analysts’ expectations of $40.84 million. Neuronetics had a negative return on equity of 121.26% and a negative net margin of 26.15%. Analysts predict that Neuronetics, Inc. will post -1.13 EPS for the current year.

Insider Buying and Selling at Neuronetics

In other Neuronetics news, Director Keith J. Sullivan sold 46,289 shares of the company’s stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $1.34, for a total value of $62,027.26. Following the completion of the sale, the director directly owned 1,590,924 shares in the company, valued at $2,131,838.16. This represents a 2.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Jorey Chernett bought 169,472 shares of the company’s stock in a transaction on Friday, March 20th. The stock was bought at an average price of $1.41 per share, with a total value of $238,955.52. Following the completion of the acquisition, the insider owned 8,743,276 shares in the company, valued at $12,328,019.16. This represents a 1.98% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders acquired 1,757,872 shares of company stock valued at $2,273,406 and sold 183,032 shares valued at $269,588. 8.70% of the stock is owned by corporate insiders.

Institutional Trading of Neuronetics

A number of hedge funds and other institutional investors have recently modified their holdings of STIM. Presidio Capital Management LLC acquired a new stake in shares of Neuronetics during the 3rd quarter worth about $32,000. Intrua Financial LLC acquired a new stake in shares of Neuronetics during the 3rd quarter worth about $33,000. Sherbrooke Park Advisers LLC acquired a new stake in shares of Neuronetics during the 3rd quarter worth about $33,000. Raymond James Financial Inc. acquired a new stake in shares of Neuronetics during the 2nd quarter worth about $37,000. Finally, Caption Management LLC acquired a new stake in shares of Neuronetics during the 3rd quarter worth about $38,000. 53.59% of the stock is owned by institutional investors and hedge funds.

About Neuronetics

Neuronetics, Inc is a commercial‐stage medical technology company that develops and markets non-invasive neuromodulation therapies for psychiatric and neurological disorders. The company’s flagship product, the NeuroStar Advanced Therapy System, uses repetitive transcranial magnetic stimulation (rTMS) to deliver targeted magnetic pulses to areas of the brain implicated in major depressive disorder (MDD). NeuroStar Advanced Therapy has received U.S. Food and Drug Administration clearance for the treatment of adults with treatment-resistant depression and is supported by a growing body of clinical evidence demonstrating its safety and efficacy.

Founded in 2003 and headquartered in Malvern, Pennsylvania, Neuronetics focuses on advancing clinical care through innovation in neurostimulation.