Neuronetics (NASDAQ:STIM) Major Shareholder Jorey Chernett Acquires 169,472 Shares

Neuronetics, Inc. (NASDAQ:STIM) major shareholder Jorey Chernett bought 169,472 shares of the company’s stock in a transaction on Friday, March 20th. The shares were bought at an average price of $1.41 per share, for a total transaction of $238,955.52. Following the transaction, the insider owned 8,743,276 shares of the company’s stock, valued at approximately $12,328,019.16. This represents a 1.98% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Thursday, March 19th, Jorey Chernett purchased 450,000 shares of Neuronetics stock. The stock was bought at an average price of $1.33 per share, with a total value of $598,500.00.
• On Wednesday, March 18th, Jorey Chernett acquired 607,400 shares of Neuronetics stock. The shares were bought at an average price of $1.35 per share, for a total transaction of $819,990.00.
• On Tuesday, March 17th, Jorey Chernett purchased 531,000 shares of Neuronetics stock. The stock was purchased at an average cost of $1.16 per share, for a total transaction of $615,960.00.

Neuronetics Price Performance

STIM stock opened at $1.60 on Tuesday. The firm has a 50 day moving average of $1.59 and a 200-day moving average of $2.00. The firm has a market capitalization of $110.84 million, a P/E ratio of -2.71 and a beta of 0.87. Neuronetics, Inc. has a 12 month low of $0.80 and a 12 month high of $5.05. The company has a current ratio of 2.02, a quick ratio of 1.87 and a debt-to-equity ratio of 2.51.

Neuronetics (NASDAQ:STIM) last posted its quarterly earnings data on Tuesday, March 17th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.02. Neuronetics had a negative return on equity of 121.26% and a negative net margin of 26.15%.The company had revenue of $41.78 million during the quarter, compared to analyst estimates of $40.84 million. As a group, sell-side analysts predict that Neuronetics, Inc. will post -1.13 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Institutional Trading of Neuronetics

Hedge funds and other institutional investors have recently bought and sold shares of the company. HighTower Advisors LLC raised its stake in shares of Neuronetics by 260.7% during the third quarter. HighTower Advisors LLC now owns 577,069 shares of the company’s stock worth $1,575,000 after acquiring an additional 417,087 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in shares of Neuronetics by 2,667.0% in 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 in the last quarter. Aristides Capital LLC purchased a new stake in shares of Neuronetics in the 4th quarter valued at $188,000. AdvisorShares Investments LLC grew its holdings in shares of Neuronetics by 42.5% during the 4th quarter. AdvisorShares Investments LLC now owns 270,916 shares of the company’s stock valued at $374,000 after purchasing an additional 80,801 shares during the last quarter. Finally, Madryn Asset Management LP bought a new position in shares of Neuronetics during the 4th quarter valued at $25,497,000. Hedge funds and other institutional investors own 53.59% of the company’s stock.

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.