Neuronetics, Inc. (NASDAQ:STIM) Short Interest Up 24.4% in February

Neuronetics, Inc. (NASDAQ:STIM) was the recipient of a significant growth in short interest in February. As of February 28th, there was short interest totalling 1,990,000 shares, a growth of 24.4% from the February 13th total of 1,600,000 shares. Approximately 7.3% of the company’s stock are sold short. Based on an average daily volume of 1,330,000 shares, the days-to-cover ratio is presently 1.5 days.

Analysts Set New Price Targets

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

Neuronetics Stock Performance

Shares of Neuronetics stock traded down $0.08 during trading hours on Tuesday, hitting $4.98. 619,046 shares of the company were exchanged, compared to its average volume of 597,111. Neuronetics has a 1 year low of $0.52 and a 1 year high of $5.92. The company has a current ratio of 3.16, a quick ratio of 2.87 and a debt-to-equity ratio of 4.90. The business has a 50-day moving average of $3.57 and a 200-day moving average of $1.91. The stock has a market capitalization of $151.16 million, a price-to-earnings ratio of -4.04 and a beta of 2.07.

Insider Activity at Neuronetics

In other news, EVP William Andrew Macan sold 12,175 shares of the stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $3.83, for a total value of $46,630.25. Following the completion of the sale, the executive vice president now directly owns 388,647 shares of the company’s stock, valued at approximately $1,488,518.01. This represents a 3.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Stephen Furlong sold 14,836 shares of the 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 $48,662.08. Following the completion of the sale, the chief financial officer now directly owns 482,572 shares of the company’s stock, valued at $1,582,836.16. The trade was a 2.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 100,369 shares of company stock valued at $358,929 over the last three months. 9.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Neuronetics

Several large investors have recently modified their holdings of the stock. Balyasny Asset Management L.P. raised its stake in shares of Neuronetics by 29.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,481,771 shares of the company’s stock worth $2,386,000 after purchasing an additional 337,539 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Neuronetics by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 314,076 shares of the company’s stock worth $506,000 after purchasing an additional 8,466 shares during the last quarter. HighTower Advisors LLC raised its stake in shares of Neuronetics by 55.5% during the third quarter. HighTower Advisors LLC now owns 245,982 shares of the company’s stock worth $187,000 after purchasing an additional 87,816 shares during the last quarter. GSA Capital Partners LLP raised its stake in shares of Neuronetics by 64.5% during the third quarter. GSA Capital Partners LLP now owns 78,642 shares of the company’s stock worth $60,000 after purchasing an additional 30,837 shares during the last quarter. Finally, Landscape Capital Management L.L.C. purchased a new stake in shares of Neuronetics during the third quarter worth approximately $53,000. Hedge funds and other 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.