Canaccord Genuity Group Lowers Neuronetics (NASDAQ:STIM) Price Target to $7.00

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 objective dropped by Canaccord Genuity Group from $8.00 to $7.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective suggests a potential upside of 69.49% from the company's current price.

Neuronetics Price Performance

Shares of NASDAQ STIM traded up $0.12 during midday trading on Wednesday, hitting $4.13. 1,193,603 shares of the company's stock were exchanged, compared to its average volume of 1,264,367. The company has a market cap of $273.08 million, a price-to-earnings ratio of -3.65 and a beta of 1.78. The business's fifty day moving average price is $3.83 and its two-hundred day moving average price is $4.01. The company has a current ratio of 2.02, a quick ratio of 1.84 and a debt-to-equity ratio of 1.76. Neuronetics has a 12-month low of $0.52 and a 12-month high of $5.92.

Neuronetics (NASDAQ:STIM - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.07). Neuronetics had a negative return on equity of 156.36% and a negative net margin of 43.47%. The firm had revenue of $38.11 million during the quarter, compared to analysts' expectations of $36.80 million. As a group, research analysts forecast that Neuronetics will post -1.13 EPS for the current fiscal year.

Insider Activity at Neuronetics

In related news, EVP Stephen Furlong sold 193,460 shares of the company'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 transaction of $826,074.20. Following the completion of the transaction, the executive vice president owned 416,593 shares in the company, valued at $1,778,852.11. This represents a 31.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 9.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Neuronetics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Larson Financial Group LLC bought a new position in Neuronetics in the first quarter worth $25,000. Police & Firemen s Retirement System of New Jersey bought a new position in Neuronetics in the second quarter worth $34,000. KPP Advisory Services LLC bought a new position in Neuronetics in the first quarter worth $37,000. FORA Capital LLC bought a new position in Neuronetics in the first quarter worth $42,000. Finally, National Bank of Canada FI raised its holdings in Neuronetics by 19,491.5% in the first quarter. National Bank of Canada FI now owns 11,559 shares of the company's stock worth $42,000 after purchasing an additional 11,500 shares in the last quarter. Institutional investors 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.