Share Buyback Program Approved by Electromed (NYSE:ELMD) Board

Electromed (NYSE:ELMD) announced that its board has approved a stock repurchase program on Monday, March 10th, RTT News reports. The company plans to buyback $5.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Electromed Stock Performance

Electromed stock traded down $0.73 during midday trading on Monday, hitting $24.70. 120,942 shares of the company were exchanged, compared to its average volume of 64,680. Electromed has a fifty-two week low of $13.74 and a fifty-two week high of $35.56. The business has a fifty day simple moving average of $30.85 and a two-hundred day simple moving average of $26.29. The firm has a market capitalization of $211.36 million, a PE ratio of 32.93 and a beta of 0.41.

Analyst Ratings Changes

Several analysts recently commented on ELMD shares. StockNews.com lowered Electromed from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th. B. Riley started coverage on Electromed in a report on Thursday, February 20th. They set a “buy” rating and a $38.00 target price on the stock.

Insider Buying and Selling at Electromed

In other Electromed news, Director Andrew Summers sold 50,751 shares of the firm’s stock in a transaction that occurred on 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 sale, the director now directly owns 65,714 shares of the company’s stock, valued at approximately $1,793,992.20. This trade represents a 43.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kathleen Skarvan sold 8,640 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $32.25, for a total value of $278,640.00. Following the completion of the sale, the director now directly owns 71,576 shares in the company, valued at approximately $2,308,326. The trade was a 10.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 133,618 shares of company stock valued at $3,821,636. Company insiders own 14.00% of the company’s stock.

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.