Iradimed (NASDAQ:IRMD) Shares Gap Down on Disappointing Earnings

Iradimed Corporation (NASDAQ:IRMD) gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $60.48, but opened at $57.96. Iradimed shares last traded at $53.17, with a volume of 26,060 shares.

The medical equipment provider reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.05). Iradimed had a return on equity of 23.99% and a net margin of 26.12%.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered shares of Iradimed from a “strong-buy” rating to a “buy” rating in a research report on Thursday.

Insider Transactions at Iradimed

In related news, CFO John Glenn sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $54.18, for a total transaction of $135,450.00. Following the completion of the transaction, the chief financial officer now directly owns 4,383 shares in the company, valued at $237,470.94. This represents a 36.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 37.10% of the stock is owned by insiders.

Institutional Trading of Iradimed

A number of hedge funds and other institutional investors have recently modified their holdings of IRMD. Shaker Investments LLC OH boosted its holdings in shares of Iradimed by 0.8% during the 4th quarter. Shaker Investments LLC OH now owns 29,894 shares of the medical equipment provider’s stock valued at $1,644,000 after acquiring an additional 233 shares in the last quarter. Bridge City Capital LLC boosted its position in Iradimed by 0.8% during the 4th quarter. Bridge City Capital LLC now owns 61,899 shares of the medical equipment provider’s stock worth $3,404,000 after buying an additional 462 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in Iradimed by 1.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 24,779 shares of the medical equipment provider’s stock worth $1,246,000 after acquiring an additional 472 shares during the last quarter. Huntington National Bank lifted its holdings in shares of Iradimed by 51.3% during the third quarter. Huntington National Bank now owns 1,487 shares of the medical equipment provider’s stock worth $75,000 after purchasing an additional 504 shares during the period. Finally, US Bancorp DE raised its position in shares of Iradimed by 476.6% during the fourth quarter. US Bancorp DE now owns 617 shares of the medical equipment provider’s stock worth $34,000 after acquiring an additional 510 shares during the last quarter. Institutional investors own 92.34% of the company’s stock.

Iradimed Stock Performance

The company has a market capitalization of $675.06 million, a price-to-earnings ratio of 36.42 and a beta of 0.82. The business has a 50 day moving average price of $57.16 and a 200-day moving average price of $52.02.

About Iradimed

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.