BTIG Research Reaffirms “Buy” Rating for Neuronetics (NASDAQ:STIM)

Neuronetics (NASDAQ:STIM)‘s stock had its “buy” rating restated by analysts at BTIG Research in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $6.00 target price on the stock. BTIG Research’s price objective would suggest a potential upside of 104.78% from the stock’s current price.

STIM has been the topic of a number of other research reports. Citigroup reiterated a “market outperform” rating on shares of Neuronetics in a research note on Tuesday, July 21st. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Neuronetics in a report on Thursday, June 18th. Finally, Wall Street Zen upgraded shares of Neuronetics from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $4.50.

Neuronetics Stock Up 1.7%

Shares of NASDAQ:STIM opened at $2.93 on Wednesday. The stock has a fifty day simple moving average of $2.33 and a two-hundred day simple moving average of $1.73. The stock has a market capitalization of $223.27 million, a price-to-earnings ratio of -6.66 and a beta of 1.16. Neuronetics has a 12-month low of $0.80 and a 12-month high of $3.71. The company has a current ratio of 1.88, a quick ratio of 1.69 and a debt-to-equity ratio of 2.84.

Neuronetics (NASDAQ:STIM) last released its earnings results on Tuesday, August 11th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.07. Neuronetics had a negative return on equity of 125.11% and a negative net margin of 19.62%.The firm had revenue of $41.57 million for the quarter, compared to analysts’ expectations of $40.17 million.

Insider Activity

In other Neuronetics news, major shareholder Jorey Chernett acquired 14,000 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average cost of $3.16 per share, with a total value of $44,240.00. Following the completion of the transaction, the insider directly owned 10,602,988 shares of the company’s stock, valued at approximately $33,505,442.08. This represents a 0.13% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Neuronetics

A number of hedge funds have recently bought and sold shares of STIM. Madryn Asset Management LP bought a new position in Neuronetics during the 2nd quarter valued at about $24,102,634. UBS Group AG grew its stake in shares of Neuronetics by 580.7% in the third quarter. UBS Group AG now owns 2,164,831 shares of the company’s stock worth $5,910,000 after acquiring an additional 1,846,801 shares during the period. Lane Generational LLC purchased a new position in shares of Neuronetics during the fourth quarter valued at approximately $2,353,000. Goldman Sachs Group Inc. lifted its position in Neuronetics by 2,993.3% during the first quarter. Goldman Sachs Group Inc. now owns 630,393 shares of the company’s stock valued at $2,320,000 after purchasing an additional 610,014 shares during the period. Finally, BlackRock Inc. bought a new position in Neuronetics during the second quarter valued at approximately $776,000. Hedge funds and other institutional investors own 53.59% of the company’s stock.

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.