Neuronetics, Inc. (NASDAQ:STIM) Sees Significant Increase in Short Interest

Neuronetics, Inc. (NASDAQ:STIM) was the target of a large increase in short interest in February. As of February 28th, there was short interest totalling 1,990,000 shares, an increase of 24.4% from the February 13th total of 1,600,000 shares. Based on an average daily trading volume, of 1,330,000 shares, the days-to-cover ratio is currently 1.5 days. Currently, 7.3% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

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

Neuronetics Price Performance

Shares of STIM stock opened at $4.94 on Wednesday. The firm has a market cap of $149.92 million, a price-to-earnings ratio of -4.02 and a beta of 2.07. Neuronetics has a 12 month low of $0.52 and a 12 month high of $5.92. The company has a quick ratio of 2.87, a current ratio of 3.16 and a debt-to-equity ratio of 4.90. The stock has a 50-day moving average price of $3.64 and a 200 day moving average price of $1.94.

Insider Activity at Neuronetics

In other Neuronetics news, CFO Stephen Furlong sold 14,836 shares of Neuronetics stock in a transaction on Monday, February 10th. The stock was sold at an average price of $3.28, for a total value of $48,662.08. Following the completion of the transaction, the chief financial officer now owns 482,572 shares in the company, valued at approximately $1,582,836.16. The trade was a 2.98 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Keith J. Sullivan sold 40,992 shares of Neuronetics 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 completion of the transaction, the chief executive officer now owns 1,283,362 shares of the company’s stock, valued at approximately $4,209,427.36. The trade was a 3.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 100,369 shares of company stock valued at $358,929 in the last 90 days. 9.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Neuronetics

Several institutional investors have recently modified their holdings of the business. Balyasny Asset Management L.P. grew its position in shares of Neuronetics by 29.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,481,771 shares of the company’s stock worth $2,386,000 after buying an additional 337,539 shares during the period. Geode Capital Management LLC grew its position in shares of Neuronetics by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 314,076 shares of the company’s stock worth $506,000 after buying an additional 8,466 shares during the period. HighTower Advisors LLC grew its position in shares of Neuronetics by 55.5% during the 3rd quarter. HighTower Advisors LLC now owns 245,982 shares of the company’s stock worth $187,000 after buying an additional 87,816 shares during the period. GSA Capital Partners LLP grew its position in shares of Neuronetics by 64.5% during the 3rd quarter. GSA Capital Partners LLP now owns 78,642 shares of the company’s stock worth $60,000 after buying an additional 30,837 shares during the period. Finally, Landscape Capital Management L.L.C. acquired a new stake in shares of Neuronetics during the 3rd quarter worth approximately $53,000. Institutional investors and hedge funds 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.