Canaccord Genuity Group Issues Pessimistic Forecast for Neuronetics (NASDAQ:STIM) Stock Price

Neuronetics (NASDAQ:STIM) had its price objective lowered by stock analysts at Canaccord Genuity Group from $7.00 to $3.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 106.33% from the company’s current price.

Several other brokerages have also issued reports on STIM. Wall Street Zen upgraded shares of Neuronetics from a “sell” rating to a “hold” rating in a research report on Saturday, December 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Neuronetics in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $3.00.

Neuronetics Stock Performance

STIM stock traded up $0.10 during trading on Thursday, reaching $1.45. The stock had a trading volume of 3,081,269 shares, compared to its average volume of 2,092,676. The firm has a market cap of $99.58 million, a PE ratio of -2.42 and a beta of 0.87. The company has a current ratio of 2.24, a quick ratio of 2.09 and a debt-to-equity ratio of 2.09. The stock’s 50 day moving average is $1.62 and its two-hundred day moving average is $2.04. Neuronetics has a 52 week low of $0.80 and a 52 week high of $5.13.

Neuronetics (NASDAQ:STIM) last released its quarterly earnings results on Tuesday, March 17th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. Neuronetics had a negative return on equity of 114.25% and a negative net margin of 26.15%.The business had revenue of $41.78 million during the quarter, compared to the consensus estimate of $40.84 million. As a group, equities analysts anticipate that Neuronetics will post -1.13 earnings per share for the current year.

Insider Transactions at Neuronetics

In related news, major shareholder Jorey Chernett acquired 531,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 17th. The stock was bought at an average cost of $1.16 per share, for a total transaction of $615,960.00. Following the purchase, the insider owned 7,516,404 shares in the company, valued at $8,719,028.64. The trade was a 7.60% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Keith J. Sullivan sold 40,976 shares of the stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $1.55, for a total transaction of $63,512.80. Following the completion of the sale, the chief executive officer directly owned 1,567,012 shares of the company’s stock, valued at $2,428,868.60. This represents a 2.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 104,307 shares of company stock worth $164,097. Insiders own 8.70% of the company’s stock.

Institutional Trading of Neuronetics

Institutional investors and hedge funds have recently modified their holdings of the company. Madryn Asset Management LP purchased a new position in shares of Neuronetics during the 4th quarter valued at $25,497,000. Vanguard Group Inc. increased its stake in Neuronetics by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 2,832,118 shares of the company’s stock worth $7,732,000 after buying an additional 89,504 shares in the last quarter. UBS Group AG increased its stake in Neuronetics by 20.4% in the 4th quarter. UBS Group AG now owns 2,607,047 shares of the company’s stock worth $3,598,000 after buying an additional 442,216 shares in the last quarter. Lane Generational LLC bought a new stake in Neuronetics during the fourth quarter valued at about $2,353,000. Finally, Balyasny Asset Management L.P. raised its holdings in Neuronetics by 6.5% during the second quarter. Balyasny Asset Management L.P. now owns 1,509,099 shares of the company’s stock valued at $5,267,000 after acquiring an additional 92,048 shares during the period. 53.59% of the stock is currently owned by institutional investors.

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.