StockNews.com Downgrades Electromed (NYSE:ELMD) to Buy

Electromed (NYSE:ELMD) was downgraded by stock analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued on Friday.

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

Electromed Stock Down 0.8 %

Shares of ELMD opened at $23.64 on Friday. Electromed has a twelve month low of $13.74 and a twelve month high of $35.56. The company has a market capitalization of $202.29 million, a P/E ratio of 31.52 and a beta of 0.41. The firm has a 50 day moving average of $29.19 and a 200 day moving average of $26.89.

Electromed announced that its Board of Directors has approved a share repurchase program on Monday, March 10th that authorizes the company to repurchase $5.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 2.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other Electromed news, Director Andrew Summers sold 35,273 shares of the stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $28.83, for a total value of $1,016,920.59. Following the transaction, the director now owns 129,190 shares of the company’s stock, valued at approximately $3,724,547.70. This represents a 21.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kathleen Skarvan sold 38,954 shares of the business’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $29.28, for a total value of $1,140,573.12. Following the sale, the director now owns 32,622 shares of the company’s stock, valued at approximately $955,172.16. This represents a 54.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 133,618 shares of company stock valued at $3,821,636 over the last three months. Insiders own 14.00% of the company’s stock.

Hedge Funds Weigh In On Electromed

Several institutional investors have recently made changes to their positions in the business. Ritholtz Wealth Management bought a new stake in Electromed during the fourth quarter valued at approximately $488,000. Barclays PLC purchased a new position in shares of Electromed during the 3rd quarter worth $215,000. State Street Corp grew its position in shares of Electromed by 14.5% during the 3rd quarter. State Street Corp now owns 22,066 shares of the company’s stock valued at $474,000 after acquiring an additional 2,800 shares during the period. IFP Advisors Inc purchased a new stake in shares of Electromed in the 4th quarter worth $59,000. Finally, Walleye Capital LLC bought a new position in Electromed in the 3rd quarter worth $274,000. Institutional investors own 40.82% of the company’s stock.

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.