Neuronetics (NASDAQ:STIM) Major Shareholder Sells $2,515,108.65 in Stock

Neuronetics, Inc. (NASDAQ:STIM) major shareholder Jorey Chernett sold 2,187,051 shares of the firm’s stock in a transaction on Friday, November 13th. The shares were sold at an average price of $1.15, for a total value of $2,515,108.65. Following the transaction, the insider directly owned 7,325,577 shares in the company, valued at $8,424,413.55. This trade represents a 22.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Friday, November 6th, Jorey Chernett sold 250,804 shares of Neuronetics stock. The shares were sold at an average price of $2.39, for a total value of $599,421.56.
• On Thursday, November 12th, Jorey Chernett sold 706,840 shares of Neuronetics stock. The shares were sold at an average price of $1.43, for a total value of $1,010,781.20.
• On Wednesday, November 11th, Jorey Chernett sold 86,757 shares of Neuronetics stock. The shares were sold at an average price of $1.61, for a total value of $139,678.77.
• On Monday, November 9th, Jorey Chernett sold 103,959 shares of Neuronetics stock. The stock was sold at an average price of $2.06, for a total value of $214,155.54.
• On Monday, November 9th, Jorey Chernett acquired 40,000 shares of Neuronetics stock. The stock was purchased at an average cost of $1.99 per share, for a total transaction of $79,600.00.
• On Friday, October 30th, Jorey Chernett bought 18,000 shares of Neuronetics stock. The shares were purchased at an average cost of $2.27 per share, with a total value of $40,860.00.

Neuronetics Price Performance

NASDAQ:STIM traded down $0.04 during mid-day trading on Friday, reaching $1.39. 16,248,659 shares of the stock were exchanged, compared to its average volume of 2,081,244. The business has a fifty day moving average price of $2.35 and a 200 day moving average price of $1.87. The firm has a market capitalization of $108.04 million, a PE ratio of -4.21 and a beta of 1.36. Neuronetics, Inc. has a 1-year low of $0.80 and a 1-year high of $3.44. The company has a current ratio of 2.01, a quick ratio of 1.82 and a debt-to-equity ratio of 2.76.

Neuronetics (NASDAQ:STIM) last issued its quarterly earnings results on Wednesday, November 4th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.07. Neuronetics had a negative net margin of 14.45% and a negative return on equity of 102.23%. The firm had revenue of $41.96 million for the quarter, compared to analysts’ expectations of $40.42 million. Research analysts expect that Neuronetics, Inc. will post -0.30 earnings per share for the current fiscal year.

Institutional Trading of Neuronetics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Empowered Funds LLC acquired a new position in shares of Neuronetics in the third quarter worth about $211,000. HighTower Advisors LLC raised its holdings in shares of Neuronetics by 95.4% during the third quarter. HighTower Advisors LLC now owns 1,101,502 shares of the company’s stock valued at $2,578,000 after acquiring an additional 537,761 shares during the period. Jefferies Financial Group Inc. purchased a new stake in shares of Neuronetics in the 3rd quarter valued at approximately $176,000. T3 Companies LLC purchased a new stake in shares of Neuronetics in the 3rd quarter valued at approximately $88,000. Finally, Engineers Gate Manager LP purchased a new stake in shares of Neuronetics in the 2nd quarter valued at approximately $74,000. Institutional investors and hedge funds own 53.59% of the company’s stock.

Analyst Upgrades and Downgrades

STIM has been the subject of several recent research reports. Citigroup reissued a “market outperform” rating on shares of Neuronetics in a research note on Tuesday, July 21st. B. Riley Financial upped their price target on Neuronetics from $5.00 to $6.00 and gave the company a “buy” rating in a report on Friday, November 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Neuronetics in a report on Monday, September 14th. Finally, BTIG Research reiterated a “buy” rating and set a $6.00 price objective on shares of Neuronetics in a research report on Thursday, September 17th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Neuronetics has an average rating of “Moderate Buy” and a consensus target price of $5.00.

About Neuronetics

Neuronetics, Inc. is a medical technology company that develops and commercializes noninvasive treatments for certain mental health conditions. Its flagship product is the NeuroStar Advanced Therapy System, which uses transcranial magnetic stimulation to deliver targeted magnetic pulses to areas of the brain. NeuroStar is FDA-cleared for treating major depressive disorder in adults who have not achieved satisfactory improvement with antidepressant medication. The company also provides treatment-related services and support for clinicians and patients.