Short Interest in Neuronetics, Inc. (NASDAQ:STIM) Grows By 39.7%

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

Neuronetics Trading Down 3.3 %

Shares of STIM stock traded down $0.13 during trading hours on Monday, hitting $3.65. 530,936 shares of the company were exchanged, compared to its average volume of 627,357. The company has a 50 day simple moving average of $4.03 and a two-hundred day simple moving average of $2.15. Neuronetics has a fifty-two week low of $0.52 and a fifty-two week high of $5.92. The firm has a market cap of $110.62 million, a P/E ratio of -2.97 and a beta of 2.07. The company has a debt-to-equity ratio of 4.90, a quick ratio of 2.87 and a current ratio of 3.16.

Insider Buying and Selling

In related news, EVP William Andrew Macan sold 12,175 shares of the stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $3.83, for a total value of $46,630.25. Following the completion of the transaction, the executive vice president now owns 388,647 shares of the company’s stock, valued at $1,488,518.01. This represents a 3.04 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Keith J. Sullivan sold 40,992 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now directly owns 1,283,362 shares in the company, valued at approximately $4,209,427.36. This trade represents a 3.10 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 100,369 shares of company stock worth $358,929. Corporate insiders own 9.80% of the company’s stock.

Institutional Trading of Neuronetics

Several large investors have recently made changes to their positions in STIM. Tradewinds LLC. bought a new position in Neuronetics in the fourth quarter worth approximately $32,000. XTX Topco Ltd acquired a new position in Neuronetics during the 4th quarter valued at about $49,000. Wealthedge Investment Advisors LLC bought a new stake in Neuronetics during the fourth quarter worth $57,000. David J Yvars Group grew its stake in shares of Neuronetics by 47.1% in the 4th quarter. David J Yvars Group now owns 46,325 shares of the company’s stock worth $75,000 after acquiring an additional 14,825 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Neuronetics by 10,954.1% in the 4th quarter. JPMorgan Chase & Co. now owns 54,939 shares of the company’s stock valued at $88,000 after buying an additional 54,442 shares during the last quarter. 53.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Neuronetics Company Profile

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.