Canaccord Genuity Group Has Lowered Expectations for Neuronetics (NASDAQ:STIM) Stock Price

Key Points

• Canaccord Genuity Group has reduced its price target for Neuronetics (NASDAQ:STIM) from $8.00 to $7.00, indicating a potential upside of 65.68% from the current price.
• Neuronetics reported a quarterly earnings loss of ($0.21) per share, missing consensus estimates, though revenues of $31.98 million exceeded expectations.
• Corporate insiders, including EVP Stephen Furlong, have sold significant shares of Neuronetics, with insiders now holding 9.80% of the company's stock.

Neuronetics (NASDAQ:STIM - Get Free Report) had its price target dropped by stock analysts at Canaccord Genuity Group from $8.00 to $7.00 in a report released on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price target points to a potential upside of 65.68% from the company's current price.

Neuronetics Price Performance

STIM traded down $0.33 during trading on Wednesday, reaching $4.23. 1,676,614 shares of the company traded hands, compared to its average volume of 1,194,304. The company has a debt-to-equity ratio of 1.40, a quick ratio of 2.28 and a current ratio of 2.44. Neuronetics has a 12-month low of $0.52 and a 12-month high of $5.92. The firm has a fifty day simple moving average of $3.81 and a 200 day simple moving average of $3.97. The company has a market cap of $279.31 million, a P/E ratio of -3.21 and a beta of 1.78.

Neuronetics (NASDAQ:STIM - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.08). The company had revenue of $31.98 million during the quarter, compared to the consensus estimate of $29.07 million. Neuronetics had a negative net margin of 53.67% and a negative return on equity of 174.15%. On average, equities analysts forecast that Neuronetics will post -1.13 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Stephen Furlong sold 193,460 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $4.27, for a total value of $826,074.20. Following the completion of the sale, the executive vice president directly owned 416,593 shares in the company, valued at $1,778,852.11. The trade was a 31.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 9.80% of the company's stock.

Hedge Funds Weigh In On Neuronetics

Large investors have recently modified their holdings of the business. Larson Financial Group LLC purchased a new position in shares of Neuronetics in the 1st quarter valued at approximately $25,000. Geode Capital Management LLC grew its position in Neuronetics by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 314,076 shares of the company's stock valued at $506,000 after acquiring an additional 8,466 shares during the period. AdvisorShares Investments LLC raised its stake in Neuronetics by 8.3% during the second quarter. AdvisorShares Investments LLC now owns 130,534 shares of the company's stock valued at $456,000 after buying an additional 10,000 shares in the last quarter. KPP Advisory Services LLC acquired a new stake in Neuronetics during the first quarter valued at approximately $37,000. Finally, FORA Capital LLC bought a new position in shares of Neuronetics during the first quarter valued at approximately $42,000. Institutional investors and hedge funds 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.

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