Neuronetics (NASDAQ:STIM) Major Shareholder Jorey Chernett Buys 100,000 Shares of Stock

Neuronetics, Inc. (NASDAQ:STIM) major shareholder Jorey Chernett bought 100,000 shares of the stock in a transaction dated Tuesday, May 19th. The shares were bought at an average cost of $1.17 per share, with a total value of $117,000.00. Following the completion of the purchase, the insider directly owned 10,553,988 shares of the company’s stock, valued at approximately $12,348,165.96. This trade represents a 0.96% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 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 Tuesday, May 12th, Jorey Chernett bought 475,000 shares of Neuronetics stock. The shares were bought at an average cost of $1.34 per share, with a total value of $636,500.00.
• On Monday, April 20th, Jorey Chernett acquired 100,000 shares of Neuronetics stock. The stock was purchased at an average price of $1.58 per share, with a total value of $158,000.00.
• On Friday, March 20th, Jorey Chernett acquired 169,472 shares of Neuronetics stock. The stock was purchased at an average price of $1.41 per share, with a total value of $238,955.52.
• On Thursday, March 19th, Jorey Chernett acquired 450,000 shares of Neuronetics stock. The stock was purchased at an average price of $1.33 per share, with a total value of $598,500.00.
• On Wednesday, March 18th, Jorey Chernett acquired 607,400 shares of Neuronetics stock. The stock was purchased at an average price of $1.35 per share, with a total value of $819,990.00.
• On Tuesday, March 17th, Jorey Chernett acquired 531,000 shares of Neuronetics stock. The stock was purchased at an average price of $1.16 per share, with a total value of $615,960.00.

Neuronetics Stock Performance

STIM stock opened at $1.19 on Thursday. The company has a debt-to-equity ratio of 3.59, a current ratio of 1.67 and a quick ratio of 1.50. The business has a 50-day moving average price of $1.48 and a 200 day moving average price of $1.60. The company has a market capitalization of $82.81 million, a P/E ratio of -2.20 and a beta of 1.13. Neuronetics, Inc. has a 1-year low of $0.80 and a 1-year high of $4.85.

Neuronetics (NASDAQ:STIM) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.16) earnings per share 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 return on equity of 139.83% and a negative net margin of 24.48%. As a group, equities research analysts forecast that Neuronetics, Inc. will post -0.46 EPS for the current fiscal year.

Hedge Funds Weigh In On Neuronetics

A number of large investors have recently added to or reduced their stakes in STIM. Goldman Sachs Group Inc. raised its holdings in Neuronetics by 2,993.3% in the first quarter. Goldman Sachs Group Inc. now owns 630,393 shares of the company’s stock worth $2,320,000 after purchasing an additional 610,014 shares in the last quarter. Geode Capital Management LLC raised its holdings in Neuronetics by 172.3% in the second quarter. Geode Capital Management LLC now owns 879,045 shares of the company’s stock worth $3,068,000 after purchasing an additional 556,268 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Neuronetics by 195,023.5% in the second quarter. JPMorgan Chase & Co. now owns 66,342 shares of the company’s stock worth $232,000 after purchasing an additional 66,308 shares in the last quarter. New York State Common Retirement Fund acquired a new position in shares of Neuronetics during the second quarter valued at about $103,000. Finally, Invesco Ltd. acquired a new position in shares of Neuronetics during the second quarter valued at about $100,000. 53.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

STIM has been the subject of several recent research reports. Wall Street Zen upgraded Neuronetics from a “sell” rating to a “hold” rating in a report on Saturday, April 18th. Canaccord Genuity Group decreased their price objective on Neuronetics from $7.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, March 19th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Neuronetics in a report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $3.00.

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.