Neuronetics (NASDAQ:STIM) Earns Buy Rating from Analysts at B. Riley Financial

Research analysts at B. Riley Financial initiated coverage on shares of Neuronetics (NASDAQ:STIM) in a research report issued to clients and investors on Friday, Briefing.com reports. The brokerage set a “buy” rating and a $5.00 price target on the stock. B. Riley Financial’s target price indicates a potential upside of 66.11% from the company’s previous close.

STIM has been the subject of several other research reports. Citigroup reissued a “market outperform” rating on shares of Neuronetics in a research note on Tuesday, July 21st. Wall Street Zen upgraded shares of Neuronetics from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Neuronetics in a report on Thursday, June 18th. B Riley assumed coverage on shares of Neuronetics in a research report on Friday. They set a “buy” rating for the company. Finally, BTIG Research reissued a “buy” rating and issued a $6.00 price objective on shares of Neuronetics in a research note on Wednesday. Five investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $4.67.

Neuronetics Stock Down 1.0%

STIM stock opened at $3.01 on Friday. Neuronetics has a 52 week low of $0.80 and a 52 week high of $3.57. The business has a 50-day simple moving average of $2.40 and a 200 day simple moving average of $1.75. The company has a quick ratio of 1.69, a current ratio of 1.88 and a debt-to-equity ratio of 2.84. The company has a market cap of $229.36 million, a PE ratio of -6.84 and a beta of 1.16.

Neuronetics (NASDAQ:STIM) last released its earnings results on Tuesday, August 11th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.07. The firm had revenue of $41.57 million for the quarter, compared to analyst estimates of $40.17 million. Neuronetics had a negative net margin of 19.62% and a negative return on equity of 125.11%.

Insider Transactions at Neuronetics

In other news, major shareholder Jorey Chernett bought 14,000 shares of the company’s stock in a transaction on Friday, August 14th. The stock was purchased at an average cost of $3.16 per share, for a total transaction of $44,240.00. Following the completion of the transaction, the insider owned 10,602,988 shares of the company’s stock, valued at $33,505,442.08. This trade represents a 0.13% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 8.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in STIM. Madryn Asset Management LP acquired a new stake in Neuronetics during the 2nd quarter worth approximately $24,102,634. Vanguard Group Inc. increased its position in Neuronetics by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 2,832,118 shares of the company’s stock valued at $7,732,000 after acquiring an additional 89,504 shares during the period. UBS Group AG raised its stake in shares of Neuronetics by 20.4% during the fourth quarter. UBS Group AG now owns 2,607,047 shares of the company’s stock valued at $3,598,000 after acquiring an additional 442,216 shares during the last quarter. Lane Generational LLC bought a new position in shares of Neuronetics during the fourth quarter valued at $2,353,000. Finally, Balyasny Asset Management L.P. lifted its holdings in shares of Neuronetics by 6.5% during the second quarter. Balyasny Asset Management L.P. now owns 1,509,099 shares of the company’s stock worth $5,267,000 after purchasing an additional 92,048 shares during the period. Institutional investors and hedge funds own 53.59% of the company’s stock.

Neuronetics Company Profile

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.