iRadimed (NASDAQ:IRMD) Sets New 12-Month High – What’s Next?

Shares of iRadimed Corporation (NASDAQ:IRMD) reached a new 52-week high during trading on Wednesday . The company traded as high as $75.14 and last traded at $74.37, with a volume of 76531 shares traded. The stock had previously closed at $71.76.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of iRadimed in a research report on Saturday, September 27th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $72.00.

iRadimed Price Performance

The stock’s 50-day moving average price is $70.63 and its 200-day moving average price is $60.65. The company has a market cap of $945.99 million, a P/E ratio of 45.91 and a beta of 1.02.

iRadimed Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Monday, August 18th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Monday, August 18th. iRadimed’s payout ratio is presently 41.98%.

Insider Transactions at iRadimed

In other news, Director Monty K. Allen sold 1,102 shares of the business’s stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $69.10, for a total value of $76,148.20. Following the completion of the sale, the director owned 19,898 shares of the company’s stock, valued at approximately $1,374,951.80. The trade was a 5.25% 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, CEO Roger E. Susi sold 5,000 shares of the business’s stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $71.72, for a total transaction of $358,600.00. Following the completion of the sale, the chief executive officer directly owned 2,342,500 shares of the company’s stock, valued at approximately $168,004,100. The trade was a 0.21% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 21,102 shares of company stock valued at $1,498,348. 36.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Teacher Retirement System of Texas raised its stake in iRadimed by 2.1% in the first quarter. Teacher Retirement System of Texas now owns 51,359 shares of the medical equipment provider’s stock valued at $2,695,000 after purchasing an additional 1,072 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in iRadimed by 20.3% in the first quarter. Envestnet Asset Management Inc. now owns 70,473 shares of the medical equipment provider’s stock valued at $3,698,000 after purchasing an additional 11,892 shares in the last quarter. Bank of New York Mellon Corp raised its stake in iRadimed by 1.6% in the first quarter. Bank of New York Mellon Corp now owns 101,665 shares of the medical equipment provider’s stock valued at $5,335,000 after purchasing an additional 1,557 shares in the last quarter. Vanguard Group Inc. raised its stake in iRadimed by 3.3% in the first quarter. Vanguard Group Inc. now owns 554,451 shares of the medical equipment provider’s stock valued at $29,098,000 after purchasing an additional 17,640 shares in the last quarter. Finally, Nuveen LLC acquired a new position in iRadimed in the first quarter valued at about $1,418,000. Institutional investors and hedge funds own 92.34% of the company’s stock.

iRadimed Company Profile

IRadimed Corp. engages in the development, manufacture, marketing, and distribution of Magnetic Resonance Imaging compatible medical devices. It also provides a non-magnetic Intravenous infusion pump system that is specifically designed for use during MRI procedures. The company was founded by Roger Susi in July 1992 and is headquartered in Winter Springs, FL.