Neuronetics (NASDAQ:STIM) Major Shareholder Jorey Chernett Sells 2,187,051 Shares of Company Stock

Neuronetics, Inc. (NASDAQ:STIM) major shareholder Jorey Chernett sold 2,187,051 shares of Neuronetics stock in a transaction dated Friday, November 13th. The stock was sold at an average price of $1.15, for a total value of $2,515,108.65. Following the completion of the transaction, the insider owned 7,325,577 shares in the company, valued at approximately $8,424,413.55. This represents a 22.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, 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 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 purchased 40,000 shares of Neuronetics stock. The shares were bought at an average price of $1.99 per share, for a total transaction of $79,600.00.
• On Friday, October 30th, Jorey Chernett purchased 18,000 shares of Neuronetics stock. The shares were bought at an average price of $2.27 per share, for a total transaction of $40,860.00.

Neuronetics Trading Down 2.8%

Neuronetics stock traded down $0.04 during trading hours on Friday, reaching $1.39. The company had a trading volume of 16,248,659 shares, compared to its average volume of 2,081,244. The company has a debt-to-equity ratio of 2.76, a current ratio of 2.01 and a quick ratio of 1.82. The company has a 50-day moving average price of $2.35 and a 200 day moving average price of $1.87. The firm has a market cap of $108.04 million, a price-to-earnings ratio of -4.21 and a beta of 1.36. Neuronetics, Inc. has a 12-month low of $0.80 and a 12-month high of $3.44.

Neuronetics (NASDAQ:STIM) last announced its quarterly earnings data on Wednesday, November 4th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.07. The firm had revenue of $41.96 million during 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%. Equities analysts forecast that Neuronetics, Inc. will post -0.30 earnings per share for the current year.

Hedge Funds Weigh In On Neuronetics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Madryn Asset Management LP purchased a new stake in Neuronetics in the second quarter worth about $24,102,634. Marshall Wace LLP boosted its position in Neuronetics by 219.5% during the 3rd quarter. Marshall Wace LLP now owns 1,551,840 shares of the company’s stock valued at $3,631,000 after acquiring an additional 1,066,148 shares in the last quarter. HighTower Advisors LLC boosted its position in Neuronetics by 95.4% during the 3rd quarter. HighTower Advisors LLC now owns 1,101,502 shares of the company’s stock valued at $2,578,000 after acquiring an additional 537,761 shares in the last quarter. FourWorld Capital Management LLC grew its holdings in shares of Neuronetics by 59.9% during the 1st quarter. FourWorld Capital Management LLC now owns 1,489,322 shares of the company’s stock worth $2,160,000 after acquiring an additional 558,072 shares during the period. Finally, BlackRock Inc. purchased a new position in shares of Neuronetics during the 2nd quarter worth approximately $776,000. Hedge funds and other institutional investors own 53.59% of the company’s stock.

Key Headlines Impacting Neuronetics

Investors following STIM have been watching these headlines:

• Positive Sentiment: Third-quarter revenue was $41.96 million, above the $40.43 million analyst estimate, while its $0.02-per-share loss was narrower than the expected $0.09 loss. The results may support sentiment about improving performance. Article: Neuronetics stock: Q3 revenue rises as loss narrows
• Negative Sentiment: Major shareholder Jorey Chernett disclosed several sales from November 6–13, totaling about 3.34 million shares, partly offset by a 40,000-share purchase. After the latest sale, Chernett held about 7.33 million shares. The scale of the selling may raise concerns about near-term supply and investor confidence. SEC filing on Chernett’s transactions

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. BTIG Research reiterated a “buy” rating and set a $6.00 price target on shares of Neuronetics in a report on Thursday, September 17th. Weiss Ratings reissued a “sell (e+)” rating on shares of Neuronetics in a report on Monday, September 14th. Citigroup reissued a “market outperform” rating on shares of Neuronetics in a report on Tuesday, July 21st. Finally, B. Riley Financial boosted their price objective on shares of Neuronetics from $5.00 to $6.00 and gave the company a “buy” rating in a research report on Friday, November 6th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $5.00.

Neuronetics Company Profile

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.