Electromed (NYSE:ELMD) Upgraded to “Strong-Buy” at StockNews.com

by · The Cerbat Gem

StockNews.com upgraded shares of Electromed (NYSE:ELMD – Free Report) from a buy rating to a strong-buy rating in a report released on Thursday morning.

Separately, B. Riley started coverage on Electromed in a research report on Thursday, February 20th. They set a “buy” rating and a $38.00 target price on the stock.

Read Our Latest Report on ELMD

Electromed Stock Performance

Shares of NYSE ELMD opened at $24.99 on Thursday. The stock has a market cap of $213.84 million, a price-to-earnings ratio of 33.32 and a beta of 0.41. Electromed has a fifty-two week low of $13.74 and a fifty-two week high of $35.56. The firm’s 50-day simple moving average is $29.95 and its 200 day simple moving average is $26.64.

Electromed announced that its Board of Directors has initiated a share buyback program on Monday, March 10th that permits the company to repurchase $5.00 million in shares. This repurchase authorization permits the company to purchase up to 2.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Electromed

In related news, Director Andrew Summers sold 50,751 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $27.30, for a total transaction of $1,385,502.30. Following the completion of the sale, the director now directly owns 65,714 shares of the company’s stock, valued at approximately $1,793,992.20. This trade represents a 43.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kathleen Skarvan sold 38,954 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $29.28, for a total value of $1,140,573.12. Following the completion of the transaction, the director now directly owns 32,622 shares in the company, valued at approximately $955,172.16. This represents a 54.42 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 133,618 shares of company stock worth $3,821,636. Insiders own 14.00% of the company’s stock.

Institutional Trading of Electromed

A number of large investors have recently added to or reduced their stakes in ELMD. Russell Investments Group Ltd. purchased a new position in Electromed in the fourth quarter valued at about $37,000. IFP Advisors Inc purchased a new position in Electromed in the fourth quarter valued at approximately $59,000. Quantbot Technologies LP bought a new position in Electromed during the fourth quarter valued at $99,000. Bank of America Corp DE increased its position in Electromed by 179.2% in the fourth quarter. Bank of America Corp DE now owns 4,004 shares of the company’s stock worth $118,000 after buying an additional 2,570 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Electromed in the fourth quarter valued at $119,000. Hedge funds and other institutional investors own 40.82% of the company’s stock.

Electromed Company Profile

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Electromed, Inc develops, manufactures, markets, and sells airway clearance therapy and related products that apply high frequency chest wall oscillation (HFCWO) therapy in pulmonary care for patients of various ages in the United States and internationally. The company offers SmartVest airway clearance system for patients with compromised pulmonary functions, including bronchiectasis and cystic fibrosis, as well as neuromuscular conditions, such as cerebral palsy and amyotrophic lateral sclerosis; SmartVest SQL System; SmartVest Clearway System that consists of an inflatable therapy garment, a programmable air pulse generator, and a patented single-hose that delivers air pulses from the generator to the garment to create oscillatory pressure on the chest wall; and SmartVest Connect, a wireless technology that allows data connection between physicians and patients to track therapy performance and collaborate in treatment decisions.

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