Electromed (NYSE:ELMD) Cut to Buy at StockNews.com

StockNews.com cut shares of Electromed (NYSE:ELMD - Free Report) from a strong-buy rating to a buy rating in a research report sent to investors on Monday.

Separately, B. Riley initiated coverage on shares of Electromed in a research report on Thursday, February 20th. They issued a "buy" rating and a $38.00 price objective for the company.

Electromed Stock Up 0.1 %

Shares of Electromed stock traded up $0.02 during trading on Monday, hitting $24.62. 61,227 shares of the company were exchanged, compared to its average volume of 65,211. The firm has a 50 day moving average price of $30.56 and a 200 day moving average price of $26.34. The stock has a market capitalization of $210.67 million, a price-to-earnings ratio of 32.83 and a beta of 0.41. Electromed has a fifty-two week low of $13.74 and a fifty-two week high of $35.56.

Electromed announced that its Board of Directors has initiated a share repurchase program on Monday, March 10th that allows the company to repurchase $5.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 2.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its shares are undervalued.

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Insider Activity

In other news, Director Kathleen Skarvan sold 38,954 shares of the company's stock in a transaction 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 in the company, valued at approximately $955,172.16. This represents a 54.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andrew Summers sold 50,751 shares of the company's stock in a transaction on 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 in the company, valued at $1,793,992.20. This represents a 43.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 133,618 shares of company stock valued at $3,821,636 in the last 90 days. 14.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ELMD. Ritholtz Wealth Management bought a new stake in Electromed during the 4th quarter valued at $488,000. Barclays PLC bought a new position in Electromed in the 3rd quarter valued at about $215,000. Navellier & Associates Inc. acquired a new position in Electromed during the 3rd quarter valued at about $368,000. State Street Corp lifted its stake in shares of Electromed by 14.5% in the 3rd 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 period. Finally, IFP Advisors Inc bought a new position in shares of Electromed in the fourth quarter valued at approximately $59,000. 40.82% of the stock is currently owned by institutional investors.

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.