Short Interest in Neuronetics, Inc. (NASDAQ:STIM) Declines By 39.0%

Neuronetics, Inc. (NASDAQ:STIM) was the recipient of a large decline in short interest in the month of April. As of April 15th, there was short interest totalling 57,700 shares, a decline of 39.0% from the March 31st total of 94,600 shares. Based on an average daily volume of 170,500 shares, the short-interest ratio is currently 0.3 days.

Neuronetics Stock Performance

Shares of Neuronetics stock traded up $0.04 during mid-day trading on Monday, hitting $3.54. 34,809 shares of the stock were exchanged, compared to its average volume of 178,489. Neuronetics has a 12 month low of $1.03 and a 12 month high of $5.07. The company has a market capitalization of $105.96 million, a P/E ratio of -3.31 and a beta of 2.44. The company has a 50-day simple moving average of $3.93 and a 200 day simple moving average of $2.84. The company has a debt-to-equity ratio of 1.73, a quick ratio of 4.33 and a current ratio of 4.73.

Neuronetics (NASDAQ:STIM) last issued its quarterly earnings results on Tuesday, March 5th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.07. Neuronetics had a negative net margin of 42.31% and a negative return on equity of 72.76%. The company had revenue of $20.31 million during the quarter, compared to analyst estimates of $19.73 million. During the same quarter last year, the business posted ($0.30) EPS. Sell-side analysts anticipate that Neuronetics will post -0.92 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on STIM. Piper Sandler reaffirmed an “overweight” rating and set a $8.00 price target (up from $7.00) on shares of Neuronetics in a research note on Wednesday, March 6th. William Blair reaffirmed a “market perform” rating on shares of Neuronetics in a research report on Tuesday, March 26th.

Insider Transactions at Neuronetics

In related news, CFO Stephen Furlong sold 14,710 shares of Neuronetics stock in a transaction on Friday, February 9th. The shares were sold at an average price of $3.51, for a total transaction of $51,632.10. Following the completion of the transaction, the chief financial officer now owns 509,033 shares of the company’s stock, valued at $1,786,705.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Neuronetics news, EVP William Andrew Macan sold 15,621 shares of Neuronetics stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $3.38, for a total value of $52,798.98. Following the completion of the sale, the executive vice president now directly owns 417,736 shares of the company’s stock, valued at $1,411,947.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Stephen Furlong sold 14,710 shares of the stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $3.51, for a total transaction of $51,632.10. Following the transaction, the chief financial officer now directly owns 509,033 shares in the company, valued at approximately $1,786,705.83. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 150,279 shares of company stock worth $489,167. Company insiders own 9.80% of the company’s stock.

Institutional Trading of Neuronetics

Several hedge funds have recently made changes to their positions in STIM. First Eagle Investment Management LLC increased its holdings in Neuronetics by 33.8% in the 3rd quarter. First Eagle Investment Management LLC now owns 776,009 shares of the company’s stock worth $1,048,000 after acquiring an additional 195,834 shares during the last quarter. Kent Lake Capital LLC lifted its stake in shares of Neuronetics by 229.8% during the 3rd quarter. Kent Lake Capital LLC now owns 2,329,287 shares of the company’s stock valued at $3,145,000 after buying an additional 1,622,938 shares in the last quarter. Cannell Capital LLC grew its stake in Neuronetics by 2.4% in the 3rd quarter. Cannell Capital LLC now owns 2,833,982 shares of the company’s stock valued at $3,826,000 after buying an additional 65,240 shares in the last quarter. David J Yvars Group grew its stake in Neuronetics by 108.1% in the 4th quarter. David J Yvars Group now owns 74,930 shares of the company’s stock valued at $217,000 after buying an additional 38,930 shares in the last quarter. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Neuronetics during the fourth quarter worth $87,000. 53.59% of the stock is currently owned by institutional investors.

About Neuronetics

Neuronetics, Inc, a commercial stage medical technology company, designs, develops, and markets products for patients with neurohealth 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.