Insider Buying: Neuronetics (NASDAQ:STIM) Major Shareholder Acquires $636,500.00 in Stock

Neuronetics, Inc. (NASDAQ:STIM) major shareholder Jorey Chernett purchased 475,000 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The shares were acquired at an average cost of $1.34 per share, with a total value of $636,500.00. Following the completion of the purchase, the insider directly owned 10,453,988 shares in the company, valued at approximately $14,008,343.92. This represents a 4.76% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

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

• On Monday, April 20th, Jorey Chernett purchased 100,000 shares of Neuronetics stock. The shares were acquired at an average cost of $1.58 per share, with a total value of $158,000.00.
• On Friday, March 20th, Jorey Chernett purchased 169,472 shares of Neuronetics stock. The shares were acquired at an average cost of $1.41 per share, with a total value of $238,955.52.
• On Thursday, March 19th, Jorey Chernett purchased 450,000 shares of Neuronetics stock. The shares were acquired at an average cost of $1.33 per share, with a total value of $598,500.00.
• On Wednesday, March 18th, Jorey Chernett purchased 607,400 shares of Neuronetics stock. The shares were acquired at an average cost of $1.35 per share, with a total value of $819,990.00.
• On Tuesday, March 17th, Jorey Chernett purchased 531,000 shares of Neuronetics stock. The shares were acquired at an average cost of $1.16 per share, with a total value of $615,960.00.

Neuronetics Price Performance

Shares of STIM opened at $1.28 on Friday. The stock has a market capitalization of $89.08 million, a P/E ratio of -2.37 and a beta of 1.13. Neuronetics, Inc. has a twelve month low of $0.80 and a twelve month high of $4.85. The company has a 50 day moving average of $1.49 and a 200-day moving average of $1.64. The company has a quick ratio of 1.50, a current ratio of 1.67 and a debt-to-equity ratio of 3.59.

Neuronetics (NASDAQ:STIM) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.01. The company had revenue of $34.45 million during the quarter, compared to the consensus estimate of $34.17 million. Neuronetics had a negative return on equity of 139.83% and a negative net margin of 24.48%. As a group, equities research analysts forecast that Neuronetics, Inc. will post -0.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Neuronetics

Hedge funds have recently added to or reduced their stakes in the business. HighTower Advisors LLC lifted its holdings in Neuronetics by 260.7% during the 3rd quarter. HighTower Advisors LLC now owns 577,069 shares of the company’s stock valued at $1,575,000 after purchasing an additional 417,087 shares during the last quarter. AXQ Capital LP acquired a new stake in Neuronetics during the 3rd quarter valued at $124,000. AdvisorShares Investments LLC lifted its holdings in Neuronetics by 45.6% during the 3rd quarter. AdvisorShares Investments LLC now owns 190,115 shares of the company’s stock valued at $519,000 after purchasing an additional 59,581 shares during the last quarter. Intrua Financial LLC acquired a new stake in Neuronetics during the 3rd quarter valued at $33,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in Neuronetics by 2,667.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 69,756 shares of the company’s stock valued at $96,000 after purchasing an additional 67,235 shares during the last quarter. Institutional investors and hedge funds own 53.59% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Wall Street Zen raised Neuronetics from a “sell” rating to a “hold” rating in a report on Saturday, April 18th. Canaccord Genuity Group cut their price objective on Neuronetics from $7.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, March 19th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Neuronetics in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Neuronetics currently has a consensus rating of “Hold” and an average target price of $3.00.

About Neuronetics

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.