Short Interest in NeuroMetrix, Inc. (NASDAQ:NURO) Declines By 46.0%

NeuroMetrix, Inc. (NASDAQ:NURO) was the target of a large decline in short interest during the month of March. As of March 15th, there was short interest totalling 23,200 shares, a decline of 46.0% from the February 29th total of 43,000 shares. Based on an average daily volume of 53,400 shares, the short-interest ratio is presently 0.4 days. Approximately 1.7% of the shares of the stock are short sold.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on shares of NeuroMetrix in a research report on Monday, February 19th. They set a “sell” rating for the company.

NeuroMetrix Stock Performance

Shares of NASDAQ NURO traded up $0.12 during midday trading on Thursday, reaching $4.28. 2,217 shares of the company were exchanged, compared to its average volume of 46,949. The stock has a fifty day simple moving average of $3.48 and a 200 day simple moving average of $3.99. NeuroMetrix has a 1 year low of $2.70 and a 1 year high of $12.04.

NeuroMetrix (NASDAQ:NURO) last released its earnings results on Thursday, February 22nd. The medical device company reported ($1.43) EPS for the quarter. NeuroMetrix had a negative net margin of 110.64% and a negative return on equity of 31.31%. The business had revenue of $1.32 million during the quarter.

Hedge Funds Weigh In On NeuroMetrix

Institutional investors have recently made changes to their positions in the stock. Northern Trust Corp acquired a new stake in NeuroMetrix in the 2nd quarter valued at $41,000. Virtu Financial LLC purchased a new position in NeuroMetrix in the 4th quarter worth about $43,000. Millennium Management LLC increased its stake in NeuroMetrix by 102.3% in the 4th quarter. Millennium Management LLC now owns 20,530 shares of the medical device company’s stock valued at $30,000 after buying an additional 10,384 shares during the period. Cerity Partners LLC bought a new stake in NeuroMetrix in the fourth quarter worth approximately $108,000. Finally, Citadel Advisors LLC lifted its holdings in shares of NeuroMetrix by 44.3% during the third quarter. Citadel Advisors LLC now owns 34,699 shares of the medical device company’s stock worth $97,000 after buying an additional 10,652 shares during the last quarter. 19.40% of the stock is owned by institutional investors and hedge funds.

NeuroMetrix Company Profile

NeuroMetrix, Inc, a commercial stage neurotechnology company, engages in designing, building, and marketing medical devices that stimulate and analyze nerve response for diagnostic and therapeutic purposes in the United States, Europe, Japan, China, the Middle East, and Mexico. Its primary marketed products include DPNCheck, a nerve conduction test that is used to evaluate peripheral neuropathies, such as diabetic peripheral neuropathy; Quell, a wearable device for symptomatic relief and management of chronic pain; and ADVANCE system, a platform for the performance of nerve conduction studies.