Iradimed Corporation (NASDAQ:IRMD) Sees Significant Growth in Short Interest

Iradimed Corporation (NASDAQ:IRMD) was the target of a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 201,000 shares, an increase of 16.5% from the February 13th total of 172,600 shares. Based on an average daily volume of 42,800 shares, the short-interest ratio is presently 4.7 days. Currently, 2.5% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

Several brokerages recently commented on IRMD. StockNews.com downgraded shares of Iradimed from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 13th. Roth Mkm reissued a “buy” rating and issued a $72.00 price objective (up previously from $60.00) on shares of Iradimed in a research note on Friday, February 14th.

Hedge Funds Weigh In On Iradimed

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its stake in Iradimed by 189.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 66,632 shares of the medical equipment provider’s stock worth $3,351,000 after buying an additional 43,635 shares during the last quarter. Eagle Asset Management Inc. bought a new position in Iradimed during the third quarter worth $1,239,000. JPMorgan Chase & Co. raised its stake in Iradimed by 70.2% during the third quarter. JPMorgan Chase & Co. now owns 29,226 shares of the medical equipment provider’s stock worth $1,470,000 after buying an additional 12,051 shares during the last quarter. Principal Financial Group Inc. raised its stake in Iradimed by 11.2% during the fourth quarter. Principal Financial Group Inc. now owns 5,440 shares of the medical equipment provider’s stock worth $299,000 after buying an additional 546 shares during the last quarter. Finally, Barclays PLC raised its stake in Iradimed by 113.9% during the third quarter. Barclays PLC now owns 23,774 shares of the medical equipment provider’s stock worth $1,196,000 after buying an additional 12,657 shares during the last quarter. 92.34% of the stock is currently owned by institutional investors and hedge funds.

Iradimed Stock Performance

Shares of NASDAQ IRMD opened at $52.50 on Friday. Iradimed has a 52-week low of $40.18 and a 52-week high of $63.29. The firm has a 50 day moving average price of $56.69 and a two-hundred day moving average price of $53.54. The stock has a market cap of $667.54 million, a P/E ratio of 35.00 and a beta of 0.83.

Iradimed (NASDAQ:IRMD) last announced its quarterly earnings results on Thursday, February 13th. The medical equipment provider reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.05). Iradimed had a net margin of 26.26% and a return on equity of 24.12%. The business had revenue of $19.39 million during the quarter, compared to analyst estimates of $19.09 million. Analysts predict that Iradimed will post 1.66 earnings per share for the current fiscal year.

Iradimed Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were given a $0.17 dividend. This is a boost from Iradimed’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a yield of 1.30%. The ex-dividend date of this dividend was Monday, February 24th. Iradimed’s dividend payout ratio is 45.33%.

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.