Stock Buyback Program Initiated by Electromed (NYSE:ELMD)

Electromed (NYSE:ELMD - Get Free Report) announced that its Board of Directors has authorized a stock repurchase program on Monday, March 10th, RTT News reports. The company plans to repurchase $5.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 2.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Electromed Stock Performance

NYSE ELMD traded up $0.02 on Friday, hitting $24.62. 61,227 shares of the stock were exchanged, compared to its average volume of 65,211. Electromed has a 52-week low of $13.74 and a 52-week high of $35.56. The firm has a market capitalization of $210.67 million, a P/E ratio of 32.83 and a beta of 0.41. The stock has a fifty day moving average price of $30.56 and a two-hundred day moving average price of $26.34.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ELMD. B. Riley started coverage on shares of Electromed in a report on Thursday, February 20th. They issued a "buy" rating and a $38.00 target price on the stock. StockNews.com cut Electromed from a "strong-buy" rating to a "buy" rating in a research note on Monday.

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Insider Buying and Selling

In related news, Director Kathleen Skarvan sold 38,954 shares of Electromed stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $29.28, for a total transaction of $1,140,573.12. Following the completion of the sale, the director now owns 32,622 shares in the company, valued at $955,172.16. This trade represents a 54.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Andrew Summers sold 50,751 shares of the business's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $27.30, for a total transaction of $1,385,502.30. Following the completion of the sale, the director now directly owns 65,714 shares of the company's stock, valued at approximately $1,793,992.20. This trade represents a 43.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 133,618 shares of company stock valued at $3,821,636 in the last ninety days. 14.00% of the stock is owned by company insiders.

Electromed Company Profile

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.