Neuronetics, Inc. (NASDAQ:STIM) Sees Large Drop in Short Interest

Neuronetics, Inc. (NASDAQ:STIM) was the recipient of a significant decrease in short interest in April. As of April 15th, there was short interest totalling 57,700 shares, a decrease of 39.0% from the March 31st total of 94,600 shares. Based on an average trading volume of 170,500 shares, the days-to-cover ratio is presently 0.3 days.

Neuronetics Stock Performance

Shares of NASDAQ:STIM traded down $0.03 during midday trading on Friday, reaching $3.49. 44,573 shares of the company’s stock traded hands, compared to its average volume of 120,448. Neuronetics has a 1 year low of $1.03 and a 1 year high of $5.07. The company has a current ratio of 4.73, a quick ratio of 4.33 and a debt-to-equity ratio of 1.73. The company has a fifty day simple moving average of $3.92 and a two-hundred day simple moving average of $2.80.

Neuronetics (NASDAQ:STIM) last announced its earnings results on Tuesday, March 5th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.07. Neuronetics had a negative return on equity of 72.76% and a negative net margin of 42.31%. The firm had revenue of $20.31 million for the quarter, compared to analyst estimates of $19.73 million. During the same quarter last year, the firm posted ($0.30) EPS. As a group, research analysts forecast that Neuronetics will post -0.92 EPS for the current year.

Insider Activity

In related news, EVP William Andrew Macan sold 15,621 shares of the stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $3.38, for a total value of $52,798.98. Following the transaction, the executive vice president now owns 417,736 shares in the company, valued at approximately $1,411,947.68. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Keith J. Sullivan sold 23,958 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $2.96, for a total value of $70,915.68. Following the transaction, the chief executive officer now owns 1,434,171 shares in the company, valued at approximately $4,245,146.16. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP William Andrew Macan sold 15,621 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $3.38, for a total transaction of $52,798.98. Following the completion of the transaction, the executive vice president now owns 417,736 shares in the company, valued at approximately $1,411,947.68. The disclosure for this sale can be found here. Insiders have sold a total of 150,279 shares of company stock worth $489,167 over the last 90 days. 9.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. G2 Investment Partners Management LLC purchased a new position in shares of Neuronetics during the 4th quarter valued at approximately $213,000. Millrace Asset Group Inc. lifted its holdings in Neuronetics by 205.1% in the 4th quarter. Millrace Asset Group Inc. now owns 725,369 shares of the company’s stock valued at $2,104,000 after purchasing an additional 487,591 shares in the last quarter. Worth Venture Partners LLC purchased a new position in Neuronetics in the 4th quarter valued at $30,000. Thompson Siegel & Walmsley LLC purchased a new position in Neuronetics in the 4th quarter valued at $545,000. Finally, Fielder Capital Group LLC purchased a new position in Neuronetics in the 4th quarter valued at $66,000. Hedge funds and other institutional investors own 53.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on STIM shares. Piper Sandler restated an “overweight” rating and issued a $8.00 price objective (up previously from $7.00) on shares of Neuronetics in a research report on Wednesday, March 6th. William Blair restated a “market perform” rating on shares of Neuronetics in a research report on Tuesday, March 26th.

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.