Neuronetics (NASDAQ:STIM) Price Target Raised to $8.00

Neuronetics (NASDAQ:STIM) had its target price increased by Canaccord Genuity Group from $5.00 to $8.00 in a report released on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Neuronetics Price Performance

Shares of STIM stock opened at $5.07 on Wednesday. Neuronetics has a 52-week low of $0.52 and a 52-week high of $5.92. The stock has a market cap of $153.86 million, a PE ratio of -4.12 and a beta of 2.07. The company has a debt-to-equity ratio of 4.90, a quick ratio of 2.87 and a current ratio of 3.16. The firm’s 50 day moving average price is $3.13 and its two-hundred day moving average price is $1.72.

Insider Buying and Selling at Neuronetics

In other Neuronetics news, CFO Stephen Furlong sold 17,307 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $4.11, for a total value of $71,131.77. Following the transaction, the chief financial officer now directly owns 454,420 shares of the company’s stock, valued at approximately $1,867,666.20. This trade represents a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Keith J. Sullivan sold 40,992 shares of Neuronetics stock in a transaction on Monday, February 10th. The stock was sold at an average price of $3.28, for a total transaction of $134,453.76. Following the transaction, the chief executive officer now directly owns 1,283,362 shares in the company, valued at approximately $4,209,427.36. This represents a 3.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 100,369 shares of company stock valued at $358,929. 9.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Neuronetics

A number of hedge funds and other institutional investors have recently made changes to their positions in STIM. Balyasny Asset Management L.P. boosted its position in shares of Neuronetics by 29.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,481,771 shares of the company’s stock worth $2,386,000 after purchasing an additional 337,539 shares in the last quarter. HighTower Advisors LLC boosted its position in shares of Neuronetics by 55.5% during the third quarter. HighTower Advisors LLC now owns 245,982 shares of the company’s stock worth $187,000 after purchasing an additional 87,816 shares in the last quarter. Landscape Capital Management L.L.C. bought a new position in shares of Neuronetics during the third quarter worth $53,000. JPMorgan Chase & Co. boosted its position in shares of Neuronetics by 10,954.1% during the fourth quarter. JPMorgan Chase & Co. now owns 54,939 shares of the company’s stock worth $88,000 after purchasing an additional 54,442 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its position in shares of Neuronetics by 64.5% during the third quarter. GSA Capital Partners LLP now owns 78,642 shares of the company’s stock worth $60,000 after purchasing an additional 30,837 shares in the last quarter. 53.59% of the stock is owned by institutional investors.

Neuronetics Company Profile

Neuronetics, Inc, a commercial stage medical technology company, designs, develops, and markets products for patients with neurohealth disorders in the United States and internationally. The company offers NeuroStar Advanced Therapy System, a non-invasive and non-systemic office-based treatment to treat adult patients with major depressive disorder.