Neuronetics, Inc. (NASDAQ:STIM) Short Interest Up 39.7% in March

Neuronetics, Inc. (NASDAQ:STIM) saw a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 2,780,000 shares, an increase of 39.7% from the February 28th total of 1,990,000 shares. Based on an average daily volume of 1,440,000 shares, the days-to-cover ratio is currently 1.9 days. Currently, 10.2% of the shares of the stock are sold short.

Neuronetics Stock Down 5.8 %

Shares of NASDAQ:STIM traded down $0.23 during midday trading on Friday, hitting $3.77. 1,720,939 shares of the stock were exchanged, compared to its average volume of 627,622. The company has a market capitalization of $114.41 million, a PE ratio of -3.07 and a beta of 2.07. The business’s fifty day simple moving average is $4.03 and its two-hundred day simple moving average is $2.14. Neuronetics has a 52-week low of $0.52 and a 52-week high of $5.92. The company has a debt-to-equity ratio of 4.90, a quick ratio of 2.87 and a current ratio of 3.16.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group lifted their price target on Neuronetics from $5.00 to $8.00 and gave the company a “buy” rating in a report on Wednesday, March 5th.

Insider Activity

In other news, CEO Keith J. Sullivan sold 40,992 shares of Neuronetics stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $3.28, for a total value of $134,453.76. Following the transaction, the chief executive officer now directly owns 1,283,362 shares of the company’s stock, valued at $4,209,427.36. This trade represents a 3.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Stephen Furlong sold 14,836 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $3.28, for a total transaction of $48,662.08. Following the sale, the chief financial officer now owns 482,572 shares in the company, valued at $1,582,836.16. This represents a 2.98 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 100,369 shares of company stock worth $358,929. 9.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of STIM. Tradewinds LLC. bought a new position in Neuronetics during the fourth quarter valued at about $32,000. XTX Topco Ltd acquired a new stake in Neuronetics in the 4th quarter worth approximately $49,000. Wealthedge Investment Advisors LLC bought a new stake in Neuronetics during the fourth quarter worth approximately $57,000. David J Yvars Group grew its holdings in Neuronetics by 47.1% during the fourth quarter. David J Yvars Group now owns 46,325 shares of the company’s stock valued at $75,000 after purchasing an additional 14,825 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Neuronetics by 10,954.1% in the fourth quarter. JPMorgan Chase & Co. now owns 54,939 shares of the company’s stock valued at $88,000 after purchasing an additional 54,442 shares during the period. Institutional investors own 53.59% of the company’s stock.

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.