Neuronetics (NASDAQ:STIM) Major Shareholder Jorey Chernett Purchases 475,000 Shares

Neuronetics, Inc. (NASDAQ:STIM) major shareholder Jorey Chernett acquired 475,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were bought at an average cost of $1.34 per share, with a total value of $636,500.00. Following the completion of the purchase, the insider owned 10,453,988 shares of the company’s stock, valued at $14,008,343.92. This trade represents a 4.76% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Monday, April 20th, Jorey Chernett bought 100,000 shares of Neuronetics stock. The stock was bought at an average cost of $1.58 per share, for a total transaction of $158,000.00.
• On Friday, March 20th, Jorey Chernett bought 169,472 shares of Neuronetics stock. The shares were bought at an average price of $1.41 per share, for a total transaction of $238,955.52.
• On Thursday, March 19th, Jorey Chernett bought 450,000 shares of Neuronetics stock. The shares were bought at an average price of $1.33 per share, with a total value of $598,500.00.
• On Wednesday, March 18th, Jorey Chernett purchased 607,400 shares of Neuronetics stock. The stock was bought at an average cost of $1.35 per share, with a total value of $819,990.00.
• On Tuesday, March 17th, Jorey Chernett purchased 531,000 shares of Neuronetics stock. The stock was purchased at an average price of $1.16 per share, for a total transaction of $615,960.00.

Neuronetics Stock Down 15.6%

Neuronetics stock opened at $1.27 on Wednesday. The company’s 50 day simple moving average is $1.49 and its 200 day simple moving average is $1.67. Neuronetics, Inc. has a fifty-two week low of $0.80 and a fifty-two week high of $4.85. The firm has a market capitalization of $88.38 million, a price-to-earnings ratio of -2.35 and a beta of 1.13. The company has a debt-to-equity ratio of 3.59, a current ratio of 1.67 and a quick ratio of 1.50.

Neuronetics (NASDAQ:STIM) last issued its earnings results on Tuesday, May 5th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.01. The firm had revenue of $34.45 million during the quarter, compared to the consensus estimate of $34.17 million. Neuronetics had a negative net margin of 24.48% and a negative return on equity of 139.83%. As a group, sell-side analysts anticipate that Neuronetics, Inc. will post -0.46 EPS for the current year.

Institutional Investors Weigh In On Neuronetics

Several institutional investors have recently added to or reduced their stakes in STIM. Madryn Asset Management LP acquired a new stake in shares of Neuronetics in the fourth quarter valued at approximately $25,497,000. Vanguard Group Inc. grew its position in Neuronetics by 3.3% in the third quarter. Vanguard Group Inc. now owns 2,832,118 shares of the company’s stock valued at $7,732,000 after purchasing 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 valued at $3,598,000 after buying an additional 442,216 shares during the last quarter. Lane Generational LLC acquired a new stake in Neuronetics in the 4th quarter valued at $2,353,000. Finally, Balyasny Asset Management L.P. lifted its position in Neuronetics by 6.5% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,509,099 shares of the company’s stock worth $5,267,000 after buying an additional 92,048 shares in the last quarter. 53.59% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the company. Wall Street Zen raised Neuronetics from a “sell” rating to a “hold” rating in a research note on Saturday, April 18th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Neuronetics in a research report on Thursday, January 22nd. Finally, Canaccord Genuity Group cut their price objective on Neuronetics from $7.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, March 19th. One 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, Neuronetics has a consensus rating of “Hold” and a consensus target price of $3.00.

Neuronetics Company Profile

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.