Fintel reports that Cannell Capital has filed a 13D/A form with the SEC disclosing ownership of 3.13MM shares of Neuronetics Inc (STIM). This represents 11.03% of the company.

In their previous filing dated June 21, 2022 they reported 3.46MM shares and 12.94% of the company, a decrease in shares of 9.70% and a decrease in total ownership of 1.91% (calculated as current – previous percent ownership).

Analyst Price Forecast Suggests 237.67% Upside

As of March 22, 2023, the average one-year price target for Neuronetics is $9.86. The forecasts range from a low of $8.08 to a high of $12.60. The average price target represents an increase of 237.67% from its latest reported closing price of $2.92.

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

The projected annual revenue for Neuronetics is $75MM, an increase of 15.11%. The projected annual non-GAAP EPS is -$1.28.

What is the Fund Sentiment?

There are 134 funds or institutions reporting positions in Neuronetics. This is a decrease of 17 owner(s) or 11.26% in the last quarter. Average portfolio weight of all funds dedicated to STIM is 0.25%, an increase of 79.19%. Total shares owned by institutions increased in the last three months by 8.36% to 20,272K shares. The put/call ratio of STIM is 0.02, indicating a bullish outlook.

What are Large Shareholders Doing?

Archon Capital Management holds 1,826K shares representing 6.44% ownership of the company. No change in the last quarter.

Kent Lake Capital holds 1,100K shares representing 3.88% ownership of the company. In it’s prior filing, the firm reported owning 384K shares, representing an increase of 65.12%. The firm increased its portfolio allocation in STIM by 465.04% over the last quarter.

Schroder Investment Management Group holds 876K shares representing 3.09% ownership of the company. In it’s prior filing, the firm reported owning 738K shares, representing an increase of 15.81%. The firm decreased its portfolio allocation in STIM by 45.50% over the last quarter.

Parian Global Management holds 830K shares representing 2.93% ownership of the company. In it’s prior filing, the firm reported owning 718K shares, representing an increase of 13.53%. The firm decreased its portfolio allocation in STIM by 18.60% over the last quarter.

Silvercrest Asset Management Group holds 789K shares representing 2.78% ownership of the company. In it’s prior filing, the firm reported owning 796K shares, representing a decrease of 0.88%. The firm increased its portfolio allocation in STIM by 100.16% 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

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