Electromed (NYSE:ELMD) Rating Lowered 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 report released on Thursday.

Separately, B. Riley assumed coverage on shares of Electromed in a research note on Thursday, February 20th. They issued a “buy” rating and a $38.00 price objective for the company.

Electromed Stock Performance

Shares of ELMD stock opened at $22.20 on Thursday. Electromed has a 52-week low of $13.74 and a 52-week high of $35.56. The stock has a market cap of $189.97 million, a price-to-earnings ratio of 29.60 and a beta of 0.46. The firm’s 50-day moving average is $23.51 and its 200-day moving average is $27.35.

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

Insiders Place Their Bets

In related news, Director Andrew Summers sold 35,273 shares of Electromed stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $28.83, for a total transaction of $1,016,920.59. Following the sale, the director now directly owns 129,190 shares in the company, valued at $3,724,547.70. The trade was a 21.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kathleen Skarvan sold 8,640 shares of the company’s stock in a transaction dated 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 transaction, the director now owns 71,576 shares in the company, valued at approximately $2,308,326. The trade was a 10.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 133,618 shares of company stock valued at $3,821,636 over the last 90 days. Insiders own 14.00% of the company’s stock.

Institutional Investors Weigh In On Electromed

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. purchased a new stake in Electromed in the fourth quarter worth about $37,000. IFP Advisors Inc purchased a new stake in Electromed during the 4th quarter worth approximately $59,000. Quantbot Technologies LP purchased a new stake in shares of Electromed during the fourth quarter valued at $99,000. Bank of America Corp DE increased its holdings in Electromed by 179.2% in the 4th 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 period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Electromed during the fourth quarter valued at $119,000. 40.82% of the stock is currently 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.