Iradimed (NASDAQ:IRMD) Stock Price Up 8.7% on Better-Than-Expected Earnings

Iradimed Corporation (NASDAQ:IRMD) shares rose 8.7% during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $50.79 and last traded at $50.79. Approximately 8,094 shares changed hands during trading, a decline of 84% from the average daily volume of 50,390 shares. The stock had previously closed at $46.71.

The medical equipment provider reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.05. Iradimed had a net margin of 26.83% and a return on equity of 25.18%. The company had revenue of $17.93 million for the quarter, compared to the consensus estimate of $17.70 million. During the same quarter in the prior year, the firm earned $0.33 earnings per share.

Iradimed Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Tuesday, August 20th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.35%. The ex-dividend date is Tuesday, August 20th. Iradimed’s dividend payout ratio (DPR) is presently 42.55%.

Analysts Set New Price Targets

IRMD has been the topic of several recent research reports. Roth Capital reaffirmed a “buy” rating on shares of Iradimed in a report on Monday, April 22nd. Roth Mkm reduced their price objective on shares of Iradimed from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday.

Hedge Funds Weigh In On Iradimed

Several institutional investors and hedge funds have recently modified their holdings of IRMD. Vanguard Group Inc. raised its stake in Iradimed by 2.7% during the third quarter. Vanguard Group Inc. now owns 412,151 shares of the medical equipment provider’s stock worth $18,287,000 after purchasing an additional 10,932 shares during the period. Allspring Global Investments Holdings LLC raised its stake in Iradimed by 39.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 16,246 shares of the medical equipment provider’s stock worth $771,000 after purchasing an additional 4,599 shares during the period. Conestoga Capital Advisors LLC purchased a new position in Iradimed during the fourth quarter worth approximately $749,000. Shaker Investments LLC OH raised its stake in Iradimed by 54.8% during the fourth quarter. Shaker Investments LLC OH now owns 20,000 shares of the medical equipment provider’s stock worth $949,000 after purchasing an additional 7,081 shares during the period. Finally, Russell Investments Group Ltd. raised its stake in Iradimed by 2.3% during the fourth quarter. Russell Investments Group Ltd. now owns 211,288 shares of the medical equipment provider’s stock worth $10,030,000 after purchasing an additional 4,715 shares during the period. Hedge funds and other institutional investors own 92.34% of the company’s stock.

Iradimed Stock Down 3.8 %

The company has a market cap of $562.10 million, a PE ratio of 31.49 and a beta of 0.83. The stock’s 50 day simple moving average is $44.25 and its two-hundred day simple moving average is $43.59.

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.