Short Interest in Neuronetics, Inc. (NASDAQ:STIM) Drops By 26.2%

Neuronetics, Inc. (NASDAQ:STIM - Get Free Report) was the target of a significant decline in short interest in May. As of May 15th, there was short interest totalling 2,700,000 shares, a decline of 26.2% from the April 30th total of 3,660,000 shares. Approximately 9.9% of the company's stock are short sold. Based on an average daily volume of 1,140,000 shares, the days-to-cover ratio is currently 2.4 days.

Neuronetics Stock Down 1.3%

Shares of Neuronetics stock traded down $0.05 during trading on Thursday, reaching $3.83. The company's stock had a trading volume of 604,664 shares, compared to its average volume of 756,078. Neuronetics has a 1-year low of $0.52 and a 1-year high of $5.92. The company has a 50-day simple moving average of $4.05 and a two-hundred day simple moving average of $3.21. The company has a quick ratio of 2.87, a current ratio of 3.16 and a debt-to-equity ratio of 4.90. The company has a market cap of $252.09 million, a price-to-earnings ratio of -3.11 and a beta of 1.92.

Neuronetics (NASDAQ:STIM - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.21) EPS for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.08). The business had revenue of $31.98 million during the quarter, compared to analysts' expectations of $29.07 million. Neuronetics had a negative net margin of 50.09% and a negative return on equity of 141.24%. As a group, equities analysts forecast that Neuronetics will post -1.13 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Stephen Furlong sold 193,460 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $4.27, for a total value of $826,074.20. Following the sale, the executive vice president now directly owns 416,593 shares in the company, valued at approximately $1,778,852.11. This trade represents a 31.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Neuronetics

Several large investors have recently bought and sold shares of STIM. Balyasny Asset Management L.P. raised its holdings in shares of Neuronetics by 29.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,481,771 shares of the company's stock worth $2,386,000 after buying an additional 337,539 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Neuronetics by 2,993.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 630,393 shares of the company's stock worth $2,320,000 after acquiring an additional 610,014 shares during the last quarter. Ghisallo Capital Management LLC acquired a new stake in Neuronetics during the 1st quarter worth about $1,472,000. CenterBook Partners LP purchased a new stake in Neuronetics during the 1st quarter valued at about $1,200,000. Finally, Geode Capital Management LLC grew its stake in Neuronetics by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 314,076 shares of the company's stock valued at $506,000 after purchasing an additional 8,466 shares during the last quarter. Hedge funds and other institutional investors own 53.59% of the company's stock.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group increased their target price on shares of Neuronetics from $5.00 to $8.00 and gave the company a "buy" rating in a research report on Wednesday, March 5th.

Neuronetics Company Profile

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.