Neuronetics (NASDAQ:STIM) Major Shareholder Buys $44,240.00 in Stock

Key Points

• Major shareholder Jorey Chernett bought 14,000 Neuronetics shares at $3.16 each, investing $44,240 and increasing their ownership to 10.6 million shares.
• Neuronetics reported quarterly EPS of -$0.05, beating estimates of -$0.12, while revenue of $41.57 million exceeded expectations of $40.17 million.
• Analyst sentiment is moderately positive, with an average “Moderate Buy” rating and a $4.50 price target; BTIG raised its target to $6.00, despite one analyst maintaining a sell rating.

Neuronetics, Inc. (NASDAQ:STIM - Get Free Report) major shareholder Jorey Chernett bought 14,000 shares of the company's stock in a transaction dated Friday, August 14th. The shares were acquired at an average price of $3.16 per share, for a total transaction of $44,240.00. Following the completion of the transaction, the insider directly owned 10,602,988 shares in the company, valued at approximately $33,505,442.08. This trade represents a 0.13% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Large shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.

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

• On Tuesday, May 19th, Jorey Chernett purchased 100,000 shares of Neuronetics stock. The stock was acquired at an average price of $1.17 per share, with a total value of $117,000.00.

Neuronetics Price Performance

NASDAQ STIM traded down $0.04 during trading hours on Monday, reaching $3.27. The company's stock had a trading volume of 687,336 shares, compared to its average volume of 2,319,308. The firm has a market capitalization of $248.79 million, a price-to-earnings ratio of -7.42 and a beta of 1.03. Neuronetics, Inc. has a 1-year low of $0.80 and a 1-year high of $3.80. The company has a debt-to-equity ratio of 2.84, a current ratio of 1.88 and a quick ratio of 1.69. The company's 50-day moving average is $1.76 and its two-hundred day moving average is $1.58.

Neuronetics (NASDAQ:STIM - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.07. The company had revenue of $41.57 million for the quarter, compared to analyst estimates of $40.17 million. Neuronetics had a negative return on equity of 125.11% and a negative net margin of 19.62%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in STIM. Fielder Capital Group LLC acquired a new stake in Neuronetics during the 2nd quarter worth $30,000. State of Wyoming purchased a new position in shares of Neuronetics in the second quarter worth about $31,000. Sherbrooke Park Advisers LLC purchased a new position in shares of Neuronetics in the third quarter worth about $33,000. David J Yvars Group boosted its position in Neuronetics by 35.7% during the second quarter. David J Yvars Group now owns 27,550 shares of the company's stock worth $36,000 after acquiring an additional 7,250 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Neuronetics during the second quarter worth about $37,000. 53.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

STIM has been the subject of several recent analyst reports. Citigroup reissued a "market outperform" rating on shares of Neuronetics in a report on Tuesday, July 21st. BTIG Research lifted their target price on shares of Neuronetics from $5.00 to $6.00 and gave the company a "buy" rating in a research report on Tuesday, August 11th. Wall Street Zen raised shares of Neuronetics from a "sell" rating to a "hold" rating in a research note on Sunday, July 12th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Neuronetics in a research report on Thursday, June 18th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $4.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source