Neuronetics (NASDAQ:STIM) Major Shareholder Buys $598,500.00 in Stock

Neuronetics, Inc. (NASDAQ:STIM) major shareholder Jorey Chernett purchased 450,000 shares of the business’s stock in a transaction on Thursday, March 19th. The stock was acquired at an average cost of $1.33 per share, with a total value of $598,500.00. Following the completion of the acquisition, the insider directly owned 8,573,804 shares in the company, valued at $11,403,159.32. The trade was a 5.54% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Jorey Chernett also recently made the following trade(s):

• On Wednesday, March 18th, Jorey Chernett acquired 607,400 shares of Neuronetics stock. The shares were acquired at an average price of $1.35 per share, with a total value of $819,990.00.
• On Tuesday, March 17th, Jorey Chernett bought 531,000 shares of Neuronetics stock. The stock was acquired at an average price of $1.16 per share, for a total transaction of $615,960.00.

Neuronetics Price Performance

Shares of NASDAQ STIM traded down $0.09 during midday trading on Friday, reaching $1.42. The company’s stock had a trading volume of 715,464 shares, compared to its average volume of 2,083,779. Neuronetics, Inc. has a one year low of $0.80 and a one year high of $5.05. The company has a market cap of $98.65 million, a price-to-earnings ratio of -2.41 and a beta of 0.87. The company has a 50 day moving average price of $1.61 and a 200 day moving average price of $2.04. The company has a current ratio of 2.02, a quick ratio of 2.09 and a debt-to-equity ratio of 2.51.

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

Hedge Funds Weigh In On Neuronetics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted its position in shares of Neuronetics by 2,993.3% in the first quarter. Goldman Sachs Group Inc. now owns 630,393 shares of the company’s stock worth $2,320,000 after purchasing an additional 610,014 shares in the last quarter. Geode Capital Management LLC grew its position in Neuronetics by 172.3% during the second quarter. Geode Capital Management LLC now owns 879,045 shares of the company’s stock valued at $3,068,000 after purchasing an additional 556,268 shares in the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new position in Neuronetics in the 2nd quarter valued at approximately $34,000. Intech Investment Management LLC acquired a new position in Neuronetics in the 2nd quarter valued at approximately $64,000. Finally, JPMorgan Chase & Co. lifted its position in Neuronetics by 195,023.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 66,342 shares of the company’s stock worth $232,000 after buying an additional 66,308 shares in the last quarter. Institutional investors and hedge funds own 53.59% of the company’s stock.

Analyst Upgrades and Downgrades

STIM has been the topic of a number of recent research reports. Wall Street Zen upgraded Neuronetics from a “sell” rating to a “hold” rating in a report on Saturday, December 6th. Canaccord Genuity Group decreased their price target on Neuronetics from $7.00 to $3.00 and set a “buy” rating for the company in a research report on Thursday. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Neuronetics in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $3.00.

Neuronetics Company Profile

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.