Electromed (NYSE:ELMD) Raised to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Electromed (NYSE:ELMD) from a buy rating to a strong-buy rating in a research note released on Wednesday.

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

Electromed Price Performance

ELMD stock opened at $23.03 on Wednesday. The stock has a market capitalization of $197.07 million, a PE ratio of 30.71 and a beta of 0.59. The company has a 50 day moving average price of $24.20 and a 200 day moving average price of $27.38. Electromed has a fifty-two week low of $13.74 and a fifty-two week high of $35.56.

Electromed declared that its Board of Directors has authorized a stock buyback plan on Monday, March 10th that allows the company to repurchase $5.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Electromed

In other Electromed news, Director Kathleen Skarvan sold 38,954 shares of the stock in a transaction dated 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 transaction, 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Andrew Summers sold 50,751 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $27.30, for a total value of $1,385,502.30. Following the transaction, the director now owns 65,714 shares of the company’s stock, valued at $1,793,992.20. The trade was a 43.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 133,618 shares of company stock worth $3,821,636 over the last ninety days. Company insiders own 14.00% of the company’s stock.

Institutional Investors Weigh In On Electromed

Hedge funds have recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership increased its position in shares of Electromed by 261.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 114,579 shares of the company’s stock valued at $3,386,000 after buying an additional 82,839 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Electromed in the fourth quarter valued at about $1,760,000. Sowell Financial Services LLC bought a new stake in shares of Electromed in the fourth quarter worth about $1,518,000. Lazard Asset Management LLC raised its position in shares of Electromed by 19,860.8% during the fourth quarter. Lazard Asset Management LLC now owns 47,906 shares of the company’s stock worth $1,415,000 after purchasing an additional 47,666 shares during the period. Finally, Two Sigma Investments LP bought a new position in shares of Electromed during the 4th quarter valued at about $1,255,000. 40.82% of the stock is currently owned by institutional investors and hedge funds.

Electromed Company Profile

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.