Zacks Research Downgrades Electromed (NYSE:ELMD) to Hold

Electromed (NYSE:ELMD) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Separately, B. Riley Financial increased their price objective on shares of Electromed from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, May 13th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $37.50.

Electromed Price Performance

NYSE:ELMD opened at $44.34 on Monday. Electromed has a 12-month low of $17.73 and a 12-month high of $47.40. The firm has a market capitalization of $367.14 million, a P/E ratio of 59.12 and a beta of 0.50. The business has a 50 day simple moving average of $38.30 and a 200 day simple moving average of $30.31.

Insider Activity at Electromed

In related news, Director Kathleen Skarvan sold 40,000 shares of the stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $35.48, for a total value of $1,419,200.00. Following the completion of the transaction, the director owned 35,622 shares in the company, valued at $1,263,868.56. This represents a 52.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO James L. Cunniff sold 9,700 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $36.50, for a total transaction of $354,050.00. Following the transaction, the chief executive officer directly owned 147,751 shares in the company, valued at approximately $5,392,911.50. The trade was a 6.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 61,501 shares of company stock worth $2,202,216 over the last ninety days. 10.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Electromed

Institutional investors have recently made changes to their positions in the stock. Millennium Management LLC raised its stake in shares of Electromed by 362.7% in the 1st quarter. Millennium Management LLC now owns 194,519 shares of the company’s stock worth $4,641,000 after buying an additional 152,480 shares in the last quarter. Invesco Ltd. bought a new position in Electromed during the fourth quarter valued at about $3,017,000. Allspring Global Investments Holdings LLC boosted its stake in Electromed by 717.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 106,005 shares of the company’s stock valued at $3,087,000 after buying an additional 93,030 shares in the last quarter. Geode Capital Management LLC grew its holdings in Electromed by 128.3% during the second quarter. Geode Capital Management LLC now owns 155,540 shares of the company’s stock worth $3,421,000 after acquiring an additional 87,401 shares during the period. Finally, Punch & Associates Investment Management Inc. grew its holdings in Electromed by 20.1% during the first quarter. Punch & Associates Investment Management Inc. now owns 224,520 shares of the company’s stock worth $5,256,000 after acquiring an additional 37,500 shares during the period. 40.82% of the stock is owned by institutional investors and hedge funds.

About Electromed

Electromed Inc (NYSE: ELMD) develops and manufactures sleep therapy products designed to support individuals with breathing disorders such as obstructive sleep apnea. The company’s core business activities include the design, production and distribution of continuous positive airway pressure (CPAP) and bilevel positive airway pressure (BiPAP) accessories. Electromed’s focus on supplying both disposable and reusable components allows durable medical equipment providers to offer comprehensive therapy solutions to patients.

The company’s product portfolio encompasses masks, mask cushions, headgear, tubing, filters and humidification components.