Electromed (NYSE:ELMD) Cut to Buy at StockNews.com

StockNews.com cut shares of Electromed (NYSE:ELMD) from a strong-buy rating to a buy rating in a research note published on Monday morning.

Separately, B. Riley began coverage on Electromed in a research report on Thursday, February 20th. They set a “buy” rating and a $38.00 price objective for the company.

Electromed Stock Performance

NYSE:ELMD opened at $25.20 on Monday. The stock has a 50-day simple moving average of $30.67 and a 200-day simple moving average of $26.35. The stock has a market cap of $215.64 million, a P/E ratio of 33.60 and a beta of 0.41. Electromed has a 1 year low of $13.74 and a 1 year high of $35.56.

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

Insider Activity

In other Electromed news, Director Kathleen Skarvan sold 8,640 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $32.25, for a total transaction of $278,640.00. Following the completion of the sale, the director now directly owns 71,576 shares of the company’s stock, valued at $2,308,326. This represents a 10.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew Summers sold 50,751 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $27.30, for a total value of $1,385,502.30. Following the sale, the director now directly owns 65,714 shares of the company’s stock, valued at approximately $1,793,992.20. This represents a 43.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 133,618 shares of company stock valued at $3,821,636. Insiders own 14.00% of the company’s stock.

Institutional Trading of Electromed

Several institutional investors and hedge funds have recently added to or reduced their stakes in ELMD. Navellier & Associates Inc. purchased a new stake in Electromed during the 3rd quarter valued at approximately $368,000. Pekin Hardy Strauss Inc. raised its stake in Electromed by 9.9% during the 3rd quarter. Pekin Hardy Strauss Inc. now owns 38,185 shares of the company’s stock valued at $820,000 after acquiring an additional 3,435 shares during the last quarter. Walleye Capital LLC purchased a new stake in Electromed during the 3rd quarter valued at approximately $274,000. State Street Corp increased its position in Electromed by 14.5% during the 3rd quarter. State Street Corp now owns 22,066 shares of the company’s stock worth $474,000 after purchasing an additional 2,800 shares during the period. Finally, Barclays PLC acquired a new position in Electromed during the 3rd quarter worth approximately $215,000. 40.82% of the stock is owned by hedge funds and other institutional investors.

About Electromed

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.