Insider Selling: Neuronetics (NASDAQ:STIM) Major Shareholder Sells 2,187,051 Shares of Stock

Neuronetics, Inc. (NASDAQ:STIM) major shareholder Jorey Chernett sold 2,187,051 shares of the stock in a transaction on Friday, November 13th. The shares were 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 $8,424,413.55. The trade was a 22.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases 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 shares were 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 shares were 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 stock was 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 stock was acquired at an average cost of $1.99 per share, with a total value of $79,600.00.
• On Friday, October 30th, Jorey Chernett acquired 18,000 shares of Neuronetics stock. The shares were acquired at an average price of $2.27 per share, with a total value of $40,860.00.

Neuronetics Stock Down 2.8%

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

Neuronetics (NASDAQ:STIM) last issued its earnings results on Wednesday, November 4th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.07. The company had revenue of $41.96 million for the quarter, compared to the consensus estimate of $40.42 million. Neuronetics had a negative return on equity of 102.23% and a negative net margin of 14.45%. Sell-side analysts predict that Neuronetics, Inc. will post -0.30 EPS for the current year.

Analyst Ratings Changes

STIM has been the topic of several research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Neuronetics in a research note on Monday, September 14th. B. Riley Financial increased their target price on shares of Neuronetics from $5.00 to $6.00 and gave the stock a “buy” rating in a research report on Friday, November 6th. BTIG Research reissued a “buy” rating and set a $6.00 target price on shares of Neuronetics in a research note on Thursday, September 17th. Finally, Citigroup restated a “market outperform” rating on shares of Neuronetics in a report on Tuesday, July 21st. Four research 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 $5.00.

Institutional Investors Weigh In On Neuronetics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Empowered Funds LLC acquired a new stake in shares of Neuronetics during the 3rd quarter valued at about $211,000. HighTower Advisors LLC grew its stake in shares of Neuronetics by 95.4% in the 3rd quarter. HighTower Advisors LLC now owns 1,101,502 shares of the company’s stock valued at $2,578,000 after buying an additional 537,761 shares in the last quarter. Jefferies Financial Group Inc. acquired a new position in Neuronetics in the third quarter worth approximately $176,000. T3 Companies LLC acquired a new position in Neuronetics in the third quarter worth approximately $88,000. Finally, Engineers Gate Manager LP acquired a new position in Neuronetics in the second quarter worth approximately $74,000. 53.59% of the stock is owned by hedge funds and other institutional investors.

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.