Fintel reports that Cannell Capital has filed a 13D/A form with the SEC disclosing ownership of 2.44MM shares of Neuronetics Inc (STIM). This represents 8.45% of the company.

In their previous filing dated June 9, 2023 they reported 2.84MM shares and 9.97% of the company, a decrease in shares of 14.10% and a decrease in total ownership of 1.52% (calculated as current – previous percent ownership).

Analyst Price Forecast Suggests 408.05% Upside

As of August 2, 2023, the average one-year price target for Neuronetics is 8.84. The forecasts range from a low of 7.07 to a high of $12.60. The average price target represents an increase of 408.05% from its latest reported closing price of 1.74.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Neuronetics is 75MM, an increase of 10.63%. The projected annual non-GAAP EPS is -1.28.

What is the Fund Sentiment?

There are 125 funds or institutions reporting positions in Neuronetics. This is a decrease of 2 owner(s) or 1.57% in the last quarter. Average portfolio weight of all funds dedicated to STIM is 0.07%, a decrease of 35.25%. Total shares owned by institutions decreased in the last three months by 1.85% to 19,755K shares. The put/call ratio of STIM is 0.17, indicating a bullish outlook.

What are Other Shareholders Doing?

Archon Capital Management holds 2,449K shares representing 8.48% ownership of the company. In it’s prior filing, the firm reported owning 1,724K shares, representing an increase of 29.61%. The firm decreased its portfolio allocation in STIM by 2.93% over the last quarter.

Silvercrest Asset Management Group holds 1,129K shares representing 3.91% ownership of the company. In it’s prior filing, the firm reported owning 970K shares, representing an increase of 14.12%. The firm decreased its portfolio allocation in STIM by 19.19% over the last quarter.

Balyasny Asset Management holds 923K shares representing 3.20% ownership of the company.

Schroder Investment Management Group holds 903K shares representing 3.13% ownership of the company. In it’s prior filing, the firm reported owning 876K shares, representing an increase of 2.92%. The firm decreased its portfolio allocation in STIM by 59.12% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 903K shares representing 3.13% ownership of the company. In it’s prior filing, the firm reported owning 719K shares, representing an increase of 20.39%. The firm decreased its portfolio allocation in STIM by 50.87% over the last quarter.

Neuronetics Background Information
(This description is provided by the company.)

Neuronetics, Inc. is a commercial-stage medical technology company focused on designing, developing, and marketing products that improve the quality of life for patients who suffer from psychiatric disorders. Its commercial product, the NeuroStar® Advanced Therapy System, is a non-invasive and non-systemic office-based treatment that uses transcranial magnetic stimulation, or TMS, to create a pulsed, MRI-strength magnetic field that induces electrical currents designed to stimulate specific areas of the brain associated with mood. The system is cleared by the United States Food and Drug Administration, or FDA, for the treatment of major depressive disorder in adult patients who have failed to achieve satisfactory improvement from prior antidepressant medication in the current episode. Visit NeuroStar.com for safety information and indications for use. NeuroStar is also available in other parts of the world, including Japan, where it is listed under Japan’s national health insurance.

This article originally appeared on Fintel

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.