Neuronetics (NASDAQ:STIM) Stock: Insider Jorey Chernett Sells 2,187,051 Shares

Neuronetics, Inc. (NASDAQ:STIM) major shareholder Jorey Chernett sold 2,187,051 shares of the company’s stock in a transaction dated Friday, November 13th. The stock was sold at an average price of $1.15, for a total value of $2,515,108.65. Following the completion of the sale, the insider owned 7,325,577 shares of the company’s stock, valued at approximately $8,424,413.55. The trade was a 22.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Friday, November 6th, Jorey Chernett sold 250,804 shares of Neuronetics stock. The stock was sold at an average price of $2.39, for a total value of $599,421.56.
• On Thursday, November 12th, Jorey Chernett sold 706,840 shares of Neuronetics stock. The stock was sold at an average price of $1.43, for a total value of $1,010,781.20.
• On Wednesday, November 11th, Jorey Chernett sold 86,757 shares of Neuronetics stock. The shares were sold at an average price of $1.61, for a total value of $139,678.77.
• On Monday, November 9th, Jorey Chernett sold 103,959 shares of Neuronetics stock. The shares were sold at an average price of $2.06, for a total value of $214,155.54.
• On Monday, November 9th, Jorey Chernett acquired 40,000 shares of Neuronetics stock. The shares were bought at an average cost of $1.99 per share, for a total transaction of $79,600.00.
• On Friday, October 30th, Jorey Chernett acquired 18,000 shares of Neuronetics stock. The shares were bought at an average price of $2.27 per share, with a total value of $40,860.00.

Neuronetics Stock Performance

Shares of NASDAQ:STIM traded down $0.04 during mid-day trading on Friday, reaching $1.39. 16,248,659 shares of the company traded hands, compared to its average volume of 2,081,244. The company’s 50 day moving average price is $2.35 and its 200-day moving average price is $1.87. The firm has a market cap of $108.04 million, a PE ratio of -4.21 and a beta of 1.36. Neuronetics, Inc. has a 52 week low of $0.80 and a 52 week high of $3.44. The company has a debt-to-equity ratio of 2.76, a current ratio of 2.01 and a quick ratio of 1.82.

Neuronetics (NASDAQ:STIM) last released its earnings results on Wednesday, November 4th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.07. Neuronetics had a negative net margin of 14.45% and a negative return on equity of 102.23%. The company had revenue of $41.96 million for the quarter, compared to analysts’ expectations of $40.42 million. On average, equities analysts expect that Neuronetics, Inc. will post -0.30 EPS for the current fiscal year.

Institutional Trading of Neuronetics

Several institutional investors have recently made changes to their positions in STIM. Jump Financial LLC bought a new stake in Neuronetics during the 3rd quarter valued at approximately $69,000. Marshall Wace LLP lifted its holdings in Neuronetics by 219.5% in the 3rd quarter. Marshall Wace LLP now owns 1,551,840 shares of the company’s stock worth $3,631,000 after purchasing an additional 1,066,148 shares in the last quarter. Empowered Funds LLC purchased a new position in Neuronetics in the 3rd quarter worth approximately $211,000. HighTower Advisors LLC boosted its stake in Neuronetics by 95.4% in the 3rd quarter. HighTower Advisors LLC now owns 1,101,502 shares of the company’s stock worth $2,578,000 after purchasing an additional 537,761 shares during the period. Finally, Jefferies Financial Group Inc. bought a new position in Neuronetics in the 3rd quarter worth approximately $176,000. Hedge funds and other institutional investors own 53.59% of the company’s stock.

More Neuronetics News

Here’s some of the latest news about STIM:

• Positive Sentiment: Third-quarter revenue was $41.96 million, above the $40.43 million analyst estimate, while its $0.02-per-share loss was narrower than the expected $0.09 loss. The results may support sentiment about improving performance. Article: Neuronetics stock: Q3 revenue rises as loss narrows
• Negative Sentiment: Major shareholder Jorey Chernett disclosed several sales from November 6–13, totaling about 3.34 million shares, partly offset by a 40,000-share purchase. After the latest sale, Chernett held about 7.33 million shares. The scale of the selling may raise concerns about near-term supply and investor confidence. SEC filing on Chernett’s transactions

Analysts Set New Price Targets

A number of brokerages have recently issued reports on STIM. BTIG Research reissued a “buy” rating and issued a $6.00 price objective on shares of Neuronetics in a research note on Thursday, September 17th. Citigroup restated a “market outperform” rating on shares of Neuronetics in a research note on Tuesday, July 21st. B. Riley Financial lifted their target price on shares of Neuronetics from $5.00 to $6.00 and gave the company a “buy” rating in a research note on Friday, November 6th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Neuronetics in a report on Monday, September 14th. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $5.00.

About Neuronetics

Neuronetics, Inc. is a medical technology company that develops and commercializes noninvasive treatments for certain mental health conditions. Its flagship product is the NeuroStar Advanced Therapy System, which uses transcranial magnetic stimulation to deliver targeted magnetic pulses to areas of the brain. NeuroStar is FDA-cleared for treating major depressive disorder in adults who have not achieved satisfactory improvement with antidepressant medication. The company also provides treatment-related services and support for clinicians and patients.