Neuronetics (NASDAQ:STIM) Shares Down 2.2% – Here’s What Happened

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

Analysts Set New Price Targets

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

Neuronetics Stock Performance

The company has a market cap of $181.36 million, a price-to-earnings ratio of -5.41 and a beta of 1.19. The company has a current ratio of 1.88, a quick ratio of 1.69 and a debt-to-equity ratio of 2.84. The stock’s 50 day moving average price is $2.55 and its 200 day moving average price is $1.87.

Neuronetics (NASDAQ:STIM) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.07. Neuronetics had a negative return on equity of 125.11% and a negative net margin of 19.62%. The firm had revenue of $41.57 million during the quarter, compared to the consensus estimate of $40.17 million. On average, analysts expect that Neuronetics, Inc. will post -0.33 EPS for the current fiscal year.

Insider Buying and Selling at Neuronetics

In related news, major shareholder Jorey Chernett purchased 14,000 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The shares were purchased at an average cost of $3.16 per share, with a total value of $44,240.00. Following the completion of the acquisition, the insider directly owned 10,602,988 shares of the company’s stock, valued at approximately $33,505,442.08. The trade was a 0.13% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 8.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Fielder Capital Group LLC acquired a new stake in Neuronetics during the second quarter valued at approximately $30,000. State of Wyoming acquired a new position in shares of Neuronetics in the 2nd quarter worth approximately $31,000. IMC Chicago LLC acquired a new position in shares of Neuronetics in the 1st quarter worth approximately $40,000. David J Yvars Group grew its position in shares of Neuronetics by 35.7% in the 2nd quarter. David J Yvars Group now owns 27,550 shares of the company’s stock worth $36,000 after acquiring an additional 7,250 shares in the last quarter. Finally, T3 Companies LLC bought a new stake in shares of Neuronetics in the 3rd quarter valued at approximately $88,000. 53.59% of the stock is owned by institutional investors and hedge funds.

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.