Canaccord Genuity Group Issues Positive Forecast for Neuronetics (NASDAQ:STIM) Stock Price

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

Neuronetics Trading Up 7.1 %

NASDAQ STIM opened at $5.42 on Wednesday. Neuronetics has a one year low of $0.52 and a one year high of $5.92. The company’s 50 day moving average price is $2.98 and its 200 day moving average price is $1.67. 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 has a market capitalization of $164.49 million, a price-to-earnings ratio of -4.41 and a beta of 2.07.

Insider Activity at Neuronetics

In other Neuronetics news, CEO Keith J. Sullivan sold 40,992 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $3.28, for a total value of $134,453.76. Following the completion of the sale, the chief executive officer now owns 1,283,362 shares of the company’s stock, valued at $4,209,427.36. This trade represents a 3.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Stephen Furlong sold 17,307 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $4.11, for a total transaction of $71,131.77. Following the completion of the sale, the chief financial officer now directly owns 454,420 shares of the company’s stock, valued at $1,867,666.20. This trade represents a 3.67 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 98,125 shares of company stock worth $348,876. Company insiders own 9.80% of the company’s stock.

Institutional Trading of Neuronetics

Several large investors have recently bought and sold shares of STIM. Balyasny Asset Management L.P. grew its position in Neuronetics by 29.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,481,771 shares of the company’s stock valued at $2,386,000 after acquiring an additional 337,539 shares in the last quarter. HighTower Advisors LLC grew its position in Neuronetics by 55.5% in the third quarter. HighTower Advisors LLC now owns 245,982 shares of the company’s stock valued at $187,000 after acquiring an additional 87,816 shares in the last quarter. Landscape Capital Management L.L.C. acquired a new stake in Neuronetics in the third quarter valued at approximately $53,000. JPMorgan Chase & Co. grew its position in Neuronetics by 10,954.1% in the fourth quarter. JPMorgan Chase & Co. now owns 54,939 shares of the company’s stock valued at $88,000 after acquiring an additional 54,442 shares in the last quarter. Finally, GSA Capital Partners LLP grew its position in Neuronetics by 64.5% in the third quarter. GSA Capital Partners LLP now owns 78,642 shares of the company’s stock valued at $60,000 after acquiring an additional 30,837 shares in the last quarter. Institutional investors and hedge funds own 53.59% of the company’s stock.

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.