Neuronetics Inc (NASDAQ:STIM) Sees Large Growth in Short Interest

Neuronetics Inc (NASDAQ:STIM) saw a significant growth in short interest during the month of May. As of May 15th, there was short interest totalling 704,900 shares, a growth of 10.3% from the April 30th total of 639,000 shares. Currently, 6.6% of the shares of the company are sold short. Based on an average trading volume of 322,400 shares, the days-to-cover ratio is currently 2.2 days.

STIM opened at $2.00 on Friday. The firm has a 50-day moving average price of $2.11 and a 200-day moving average price of $3.40. Neuronetics has a twelve month low of $1.25 and a twelve month high of $14.44. The company has a current ratio of 6.17, a quick ratio of 5.94 and a debt-to-equity ratio of 1.03.

Neuronetics (NASDAQ:STIM) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.63) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.50) by ($0.13). Neuronetics had a negative return on equity of 68.77% and a negative net margin of 55.58%. The business had revenue of $11.48 million during the quarter. Equities research analysts anticipate that Neuronetics will post -1.73 EPS for the current fiscal year.

In other Neuronetics news, CFO Stephen Furlong acquired 25,000 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were acquired at an average price of $2.00 per share, with a total value of $50,000.00. Following the completion of the transaction, the chief financial officer now owns 274,184 shares in the company, valued at $548,368. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have purchased 45,000 shares of company stock worth $93,600 over the last quarter. 6.00% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Parametric Portfolio Associates LLC raised its stake in shares of Neuronetics by 92.7% during the 1st quarter. Parametric Portfolio Associates LLC now owns 20,129 shares of the company’s stock valued at $38,000 after purchasing an additional 9,681 shares during the period. Acadian Asset Management LLC purchased a new position in Neuronetics during the 1st quarter valued at about $43,000. Barclays PLC increased its position in shares of Neuronetics by 97.9% during the fourth quarter. Barclays PLC now owns 13,438 shares of the company’s stock valued at $60,000 after buying an additional 6,646 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Neuronetics by 63.3% in the first quarter. Wells Fargo & Company MN now owns 37,199 shares of the company’s stock worth $70,000 after buying an additional 14,413 shares in the last quarter. Finally, UBS Group AG boosted its position in shares of Neuronetics by 64.8% in the fourth quarter. UBS Group AG now owns 16,396 shares of the company’s stock valued at $74,000 after acquiring an additional 6,447 shares during the period. Institutional investors own 69.85% of the company’s stock.

A number of equities analysts recently weighed in on the stock. Canaccord Genuity reissued a “buy” rating and issued a $4.00 price target on shares of Neuronetics in a report on Wednesday, May 6th. BTIG Research reiterated a “buy” rating and issued a $6.00 target price on shares of Neuronetics in a research note on Tuesday, May 5th. Piper Sandler decreased their price target on shares of Neuronetics from $14.00 to $6.00 in a research note on Wednesday, March 4th. William Blair downgraded Neuronetics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 5th. Finally, Zacks Investment Research lowered Neuronetics from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $4.75.

About Neuronetics

Neuronetics, Inc, a commercial stage medical technology company, designs, develops, and markets products for patients with psychiatric disorders in the United States, Japan, 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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