Neuronetics (NASDAQ:STIM) Given New $3.00 Price Target at Canaccord Genuity Group

Neuronetics (NASDAQ:STIM) had its target price lowered by Canaccord Genuity Group from $7.00 to $3.00 in a research report sent to investors on Thursday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other equities research analysts have also recently issued reports on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Neuronetics in a research note on Thursday, January 22nd. Wall Street Zen upgraded Neuronetics from a “sell” rating to a “hold” rating in a research report on Saturday, December 6th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $3.00.

Neuronetics Stock Performance

STIM opened at $1.51 on Thursday. The firm’s fifty day simple moving average is $1.61 and its two-hundred day simple moving average is $2.04. Neuronetics has a 52-week low of $0.80 and a 52-week high of $5.13. The company has a market cap of $104.61 million, a price-to-earnings ratio of -2.56 and a beta of 0.87. The company has a quick ratio of 2.09, a current ratio of 2.02 and a debt-to-equity ratio of 2.51.

Neuronetics (NASDAQ:STIM) last released its earnings results on Tuesday, March 17th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. Neuronetics had a negative net margin of 26.15% and a negative return on equity of 121.26%. The business had revenue of $41.78 million during the quarter, compared to analysts’ expectations of $40.84 million. Equities analysts anticipate that Neuronetics will post -1.13 earnings per share for the current fiscal year.

Insider Transactions at Neuronetics

In related news, major shareholder Jorey Chernett purchased 531,000 shares of Neuronetics stock in a transaction dated Tuesday, March 17th. The shares were acquired at an average cost of $1.16 per share, with a total value of $615,960.00. Following the purchase, the insider owned 7,516,404 shares of the company’s stock, valued at approximately $8,719,028.64. The trade was a 7.60% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Keith J. Sullivan sold 33,847 shares of the company’s stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $1.65, for a total transaction of $55,847.55. Following the completion of the transaction, the chief executive officer owned 1,533,165 shares in the company, valued at approximately $2,529,722.25. This represents a 2.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 104,307 shares of company stock valued at $164,097 over the last three months. Corporate insiders own 8.70% of the company’s stock.

Institutional Investors Weigh In On Neuronetics

Several institutional investors and hedge funds have recently modified their holdings of STIM. David J Yvars Group lifted its holdings in Neuronetics by 22.1% during the 4th quarter. David J Yvars Group now owns 31,230 shares of the company’s stock worth $43,000 after buying an additional 5,650 shares in the last quarter. National Bank of Canada FI increased its stake in shares of Neuronetics by 27.5% during the third quarter. National Bank of Canada FI now owns 31,880 shares of the company’s stock worth $87,000 after buying an additional 6,880 shares during the period. Royal Bank of Canada raised its holdings in Neuronetics by 17.7% in the fourth quarter. Royal Bank of Canada now owns 47,233 shares of the company’s stock valued at $65,000 after acquiring an additional 7,099 shares in the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Neuronetics in the 2nd quarter valued at $34,000. Finally, Barclays PLC grew its stake in shares of Neuronetics by 19.2% during the fourth quarter. Barclays PLC now owns 61,606 shares of the company’s stock worth $85,000 after purchasing an additional 9,941 shares in the last quarter. 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.