Electromed (NYSE:ELMD) Shares Down 3.2% – Time to Sell?

Electromed, Inc. (NYSE:ELMD) shares traded down 3.2% during mid-day trading on Wednesday . The stock traded as low as $23.01 and last traded at $23.17. 32,887 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 67,194 shares. The stock had previously closed at $23.93.

Analyst Ratings Changes

ELMD has been the topic of several research analyst reports. Zacks Research cut Electromed from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 29th. Roth Mkm reaffirmed a “buy” rating and issued a $38.00 price target on shares of Electromed in a report on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $36.67.

Electromed Stock Down 0.9%

The firm has a market cap of $192.64 million, a price-to-earnings ratio of 31.04 and a beta of 0.30. The business’s fifty day moving average is $26.01 and its two-hundred day moving average is $26.02.

Hedge Funds Weigh In On Electromed

Several hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC raised its holdings in Electromed by 362.7% during the 1st quarter. Millennium Management LLC now owns 194,519 shares of the company’s stock worth $4,641,000 after purchasing an additional 152,480 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of Electromed by 20.1% during the 1st quarter. NewEdge Advisors LLC now owns 17,952 shares of the company’s stock worth $428,000 after buying an additional 3,001 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Electromed by 9.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 32,281 shares of the company’s stock worth $770,000 after buying an additional 2,672 shares during the period. Jane Street Group LLC raised its stake in shares of Electromed by 136.3% during the first quarter. Jane Street Group LLC now owns 56,263 shares of the company’s stock worth $1,342,000 after buying an additional 32,456 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of 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 buying an additional 87,401 shares during the last quarter. Institutional investors own 40.82% of the company’s stock.

Electromed Company Profile

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.