Electromed (NYSE:ELMD) Upgraded by StockNews.com to “Strong-Buy” Rating

Electromed (NYSE:ELMD) was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Thursday.

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

Electromed Stock Up 1.8 %

Shares of ELMD stock traded up $0.44 during trading hours on Thursday, reaching $24.99. The company’s stock had a trading volume of 45,995 shares, compared to its average volume of 65,436. Electromed has a fifty-two week low of $13.74 and a fifty-two week high of $35.56. The company has a market capitalization of $213.84 million, a price-to-earnings ratio of 33.32 and a beta of 0.41. The firm’s 50 day simple moving average is $29.95 and its 200-day simple moving average is $26.64.

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

Insiders Place Their Bets

In other news, Director Andrew Summers sold 50,751 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $27.30, for a total transaction of $1,385,502.30. Following the sale, the director now directly owns 65,714 shares in the company, valued at approximately $1,793,992.20. The trade was a 43.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kathleen Skarvan sold 38,954 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $29.28, for a total value of $1,140,573.12. Following the completion of the transaction, the director now directly owns 32,622 shares of the company’s stock, valued at $955,172.16. This represents a 54.42 % 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 valued at $3,821,636. 14.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Electromed

Several large investors have recently modified their holdings of the business. Navellier & Associates Inc. acquired a new stake in Electromed in the third quarter valued at $368,000. Pekin Hardy Strauss Inc. grew its position in shares of Electromed by 9.9% in the 3rd quarter. Pekin Hardy Strauss Inc. now owns 38,185 shares of the company’s stock valued at $820,000 after buying an additional 3,435 shares during the last quarter. Walleye Capital LLC acquired a new stake in shares of Electromed in the third quarter valued at about $274,000. State Street Corp raised its position in shares of Electromed by 14.5% during the third quarter. State Street Corp now owns 22,066 shares of the company’s stock worth $474,000 after acquiring an additional 2,800 shares during the last quarter. Finally, Barclays PLC acquired a new position in shares of Electromed in the third quarter worth approximately $215,000. Institutional investors own 40.82% of the company’s stock.

About Electromed

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.