Insider Selling: Neuronetics (NASDAQ:STIM) Major Shareholder Sells $1,010,781.20 in Stock

Neuronetics, Inc. (NASDAQ:STIM) major shareholder Jorey Chernett sold 706,840 shares of the company’s stock in a transaction on Thursday, November 12th. The shares were sold at an average price of $1.43, for a total transaction of $1,010,781.20. Following the completion of the sale, the insider owned 9,512,628 shares of the company’s stock, valued at approximately $13,603,058.04. This trade represents a 6.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own at least 10% of a company’s stock 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 stock was sold at an average price of $2.39, for a total value of $599,421.56.
• On Friday, November 13th, Jorey Chernett sold 2,187,051 shares of Neuronetics stock. The stock was sold at an average price of $1.15, for a total value of $2,515,108.65.
• On Wednesday, November 11th, Jorey Chernett sold 86,757 shares of Neuronetics stock. The stock was 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 shares were sold at an average price of $2.06, for a total value of $214,155.54.
• On Monday, November 9th, Jorey Chernett bought 40,000 shares of Neuronetics stock. The stock was acquired at an average price of $1.99 per share, with a total value of $79,600.00.
• On Friday, October 30th, Jorey Chernett purchased 18,000 shares of Neuronetics stock. The stock was acquired at an average cost of $2.27 per share, for a total transaction of $40,860.00.

Neuronetics Trading Down 2.8%

STIM traded down $0.04 during midday trading on Friday, hitting $1.39. The company’s stock had a trading volume of 16,248,659 shares, 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. The firm has a market cap of $108.04 million, a P/E ratio of -4.21 and a beta of 1.36. The firm has a 50-day moving average price of $2.35 and a two-hundred day moving average price of $1.87. Neuronetics, Inc. has a 52-week low of $0.80 and a 52-week 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, topping the consensus estimate of ($0.09) by $0.07. The business had revenue of $41.96 million for the quarter, compared to analyst estimates of $40.42 million. Neuronetics had a negative net margin of 14.45% and a negative return on equity of 102.23%. On average, research analysts anticipate that Neuronetics, Inc. will post -0.30 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on STIM. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Neuronetics in a research report on Monday, September 14th. BTIG Research reiterated a “buy” rating and issued a $6.00 price target on shares of Neuronetics in a report on Thursday, September 17th. Citigroup reiterated 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 note on Friday, November 6th. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $5.00.

Hedge Funds Weigh In On Neuronetics

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

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.