Electromed (NYSE:ELMD) to Buyback $5.00 million in Shares

Electromed (NYSE:ELMD) declared that its Board of Directors has approved a stock repurchase plan 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 reacquire up to 2.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

ELMD has been the topic of several analyst reports. StockNews.com downgraded Electromed from a “strong-buy” rating to a “buy” rating in a report on Monday. B. Riley initiated coverage on Electromed in a report on Thursday, February 20th. They set a “buy” rating and a $38.00 price target on the stock.

Electromed Trading Down 2.9 %

Shares of Electromed stock opened at $24.70 on Tuesday. The company’s fifty day simple moving average is $30.85 and its 200-day simple moving average is $26.29. The company has a market cap of $211.36 million, a price-to-earnings ratio of 32.93 and a beta of 0.41. Electromed has a 1 year low of $13.74 and a 1 year high of $35.56.

Insider Transactions at Electromed

In other Electromed news, Director Andrew Summers sold 50,751 shares of Electromed stock in a transaction on Monday, February 24th. The shares were sold at an average price of $27.30, for a total transaction of $1,385,502.30. Following the sale, the director now owns 65,714 shares in the company, valued at $1,793,992.20. The trade was a 43.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kathleen Skarvan sold 8,640 shares of Electromed stock in a transaction on Friday, February 14th. The stock was sold at an average price of $32.25, for a total transaction of $278,640.00. Following the sale, the director now owns 71,576 shares in the company, valued at $2,308,326. This represents a 10.77 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 133,618 shares of company stock worth $3,821,636. 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.