Neuronetics (NASDAQ:STIM) Shares Gap Up After Analyst Upgrade


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Neuronetics, Inc. (NASDAQ:STIM) shares gapped up prior to trading on Wednesday after Piper Sandler raised their price target on the stock from $9.00 to $20.00. The stock had previously closed at $11.67, but opened at $13.40. Piper Sandler currently has an overweight rating on the stock. Neuronetics shares last traded at $13.32, with a volume of 5,419 shares traded.

A number of other equities analysts have also recently issued reports on STIM. JMP Securities increased their target price on Neuronetics from $10.00 to $15.00 in a report on Friday, January 8th. BTIG Research increased their target price on Neuronetics from $10.00 to $14.00 and gave the stock a “buy” rating in a report on Monday, December 7th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $8.00 target price on shares of Neuronetics in a report on Tuesday, November 3rd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Neuronetics currently has a consensus rating of “Buy” and a consensus target price of $12.00.

A number of hedge funds have recently added to or reduced their stakes in the stock. Granite Point Capital Management L.P. acquired a new stake in Neuronetics during the 3rd quarter valued at $6,318,000. Archon Capital Management LLC acquired a new stake in Neuronetics during the 3rd quarter valued at $5,173,000. Millrace Asset Group Inc. increased its holdings in Neuronetics by 76.5% during the 3rd quarter. Millrace Asset Group Inc. now owns 521,335 shares of the company’s stock valued at $2,534,000 after purchasing an additional 225,923 shares in the last quarter. BlackRock Inc. increased its holdings in Neuronetics by 6.8% during the 3rd quarter. BlackRock Inc. now owns 289,462 shares of the company’s stock valued at $1,407,000 after purchasing an additional 18,511 shares in the last quarter. Finally, Bridgeway Capital Management Inc. increased its holdings in Neuronetics by 154.7% during the 2nd quarter. Bridgeway Capital Management Inc. now owns 256,200 shares of the company’s stock valued at $494,000 after purchasing an additional 155,600 shares in the last quarter. 57.33% of the stock is owned by hedge funds and other institutional investors.

The company has a 50 day moving average price of $9.93 and a 200 day moving average price of $5.98. The company has a market capitalization of $270.77 million, a price-to-earnings ratio of -7.63 and a beta of 2.55.

Neuronetics (NASDAQ:STIM) last released its earnings results on Monday, November 2nd. The company reported ($0.18) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.31) by $0.13. The company had revenue of $12.45 million during the quarter, compared to analysts’ expectations of $11.17 million. Neuronetics had a negative return on equity of 82.79% and a negative net margin of 63.77%. Analysts forecast that Neuronetics, Inc. will post -1.59 EPS for the current year.

Neuronetics Company Profile (NASDAQ:STIM)

Neuronetics, Inc, a commercial stage medical technology company, designs, develops, and markets products for patients with psychiatric disorders in the United States and internationally. The company offers NeuroStar Advanced Therapy System, a non-invasive and non-systemic office-based treatment to treat adult patients with major depressive disorder.

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