Iradimed (NASDAQ:IRMD) Price Target Cut to $60.00

Iradimed (NASDAQ:IRMD) had its price objective reduced by research analysts at Roth Mkm from $65.00 to $60.00 in a report released on Friday, Benzinga reports. The firm presently has a “buy” rating on the medical equipment provider’s stock. Roth Mkm’s target price suggests a potential upside of 34.38% from the company’s previous close.

Separately, Roth Capital reissued a “buy” rating on shares of Iradimed in a research report on Monday, April 22nd.

Iradimed Stock Down 3.3 %

Shares of Iradimed stock traded down $1.50 on Friday, hitting $44.65. The stock had a trading volume of 21,832 shares, compared to its average volume of 50,848. Iradimed has a twelve month low of $36.12 and a twelve month high of $50.93. The business’s 50 day moving average is $44.21 and its two-hundred day moving average is $43.60. The stock has a market cap of $565.27 million, a price-to-earnings ratio of 31.67 and a beta of 0.83.

Iradimed (NASDAQ:IRMD) last announced its quarterly earnings results on Thursday, August 1st. The medical equipment provider reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.05. The company had revenue of $17.93 million during the quarter, compared to analysts’ expectations of $17.70 million. Iradimed had a return on equity of 24.63% and a net margin of 26.48%. During the same period in the prior year, the company earned $0.33 EPS. As a group, equities analysts predict that Iradimed will post 1.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IRMD. 1620 Investment Advisors Inc. purchased a new position in Iradimed in the 2nd quarter valued at approximately $25,000. Comerica Bank grew its position in shares of Iradimed by 2,151.6% during the 1st quarter. Comerica Bank now owns 1,441 shares of the medical equipment provider’s stock valued at $63,000 after purchasing an additional 1,377 shares in the last quarter. AJOVista LLC purchased a new position in shares of Iradimed during the 4th quarter valued at $66,000. EntryPoint Capital LLC purchased a new position in shares of Iradimed during the 1st quarter valued at $150,000. Finally, Bessemer Group Inc. purchased a new position in shares of Iradimed during the 1st quarter valued at $183,000. 92.34% of the stock is currently owned by hedge funds and other institutional investors.

Iradimed Company Profile

IRADIMED CORPORATION develops, manufactures, markets, and distributes magnetic resonance imaging (MRI) compatible medical devices and related accessories, and disposables and services in the United States and internationally. It offers MRidium MRI compatible intravenous (IV) infusion pump system with associated disposable IV tubing sets; MRI compatible patient vital signs monitoring system; and 3600 FMD1 with RALU ferromagnetic detection device.