Electromed (NYSE:ELMD) Upgraded at StockNews.com

StockNews.com upgraded shares of Electromed (NYSE:ELMD) from a buy rating to a strong-buy rating in a research note released on Thursday morning.

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

Electromed Stock Down 1.0 %

Electromed stock opened at $24.73 on Thursday. The stock has a market cap of $211.61 million, a price-to-earnings ratio of 32.97 and a beta of 0.41. The business has a 50-day simple moving average of $29.85 and a 200 day simple moving average of $26.76. Electromed has a 52 week low of $13.74 and a 52 week high of $35.56.

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

Insider Buying and Selling

In related news, Director Andrew Summers sold 50,751 shares of the business’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 completion of 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 position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kathleen Skarvan sold 8,640 shares of the company’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 completion of the sale, the director now directly owns 71,576 shares of the company’s stock, valued at approximately $2,308,326. This represents a 10.77 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 133,618 shares of company stock worth $3,821,636. Corporate insiders own 14.00% of the company’s stock.

Hedge Funds Weigh In On Electromed

A number of large investors have recently added to or reduced their stakes in ELMD. Russell Investments Group Ltd. purchased a new stake in Electromed during the fourth quarter valued at about $37,000. IFP Advisors Inc purchased a new stake in Electromed during the 4th quarter valued at about $59,000. Quantbot Technologies LP purchased a new stake in Electromed during the 4th quarter valued at about $99,000. Bank of America Corp DE grew its position in Electromed by 179.2% during the 4th quarter. Bank of America Corp DE now owns 4,004 shares of the company’s stock worth $118,000 after acquiring an additional 2,570 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Electromed in the 4th quarter worth approximately $119,000. Hedge funds and other institutional investors own 40.82% 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.