Electromed (NYSE:ELMD) Lowered to Buy Rating by StockNews.com

StockNews.com downgraded shares of Electromed (NYSE:ELMD) from a strong-buy rating to a buy rating in a research note issued to investors on Friday.

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

Electromed Price Performance

Shares of Electromed stock opened at $23.34 on Friday. Electromed has a 52-week low of $13.74 and a 52-week high of $35.56. The firm has a market capitalization of $199.72 million, a PE ratio of 31.12 and a beta of 0.41. The company’s fifty day moving average price is $28.97 and its two-hundred day moving average price is $27.07.

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

Insider Activity

In other news, Director Kathleen Skarvan sold 8,640 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $32.25, for a total value of $278,640.00. Following the transaction, the director now directly owns 71,576 shares of the company’s stock, valued at $2,308,326. The trade was a 10.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew Summers sold 35,273 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $28.83, for a total value of $1,016,920.59. Following the sale, the director now directly owns 129,190 shares of the company’s stock, valued at $3,724,547.70. This represents a 21.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 133,618 shares of company stock worth $3,821,636. Corporate insiders own 14.00% of the company’s stock.

Institutional Investors Weigh In On Electromed

A number of hedge funds have recently added to or reduced their stakes in ELMD. Russell Investments Group Ltd. bought a new stake in shares of Electromed during the fourth quarter valued at approximately $37,000. IFP Advisors Inc bought a new position in shares of Electromed in the 4th quarter worth $59,000. Quantbot Technologies LP acquired a new stake in shares of Electromed during the fourth quarter worth $99,000. Bank of America Corp DE increased its holdings in Electromed by 179.2% in the fourth quarter. Bank of America Corp DE now owns 4,004 shares of the company’s stock valued at $118,000 after purchasing an additional 2,570 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Electromed in the fourth quarter valued at about $119,000. 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.