Electromed (NYSE:ELMD) Earns Buy Rating from Analysts at Lake Street Capital

Key Points

• Lake Street Capital has initiated coverage on Electromed (NYSE:ELMD) with a "buy" rating and a price target of $36.00, indicating a potential upside of 46.93%.
• Electromed's stock recently traded up 18.6%, reaching $24.50, with significant trading volume surpassing its average.
• Institutional investors now own 40.82% of Electromed's stock, reflecting increased interest from hedge funds and retirement systems in the company.

Research analysts at Lake Street Capital started coverage on shares of Electromed (NYSE:ELMD - Get Free Report) in a report released on Wednesday. The firm set a "buy" rating and a $36.00 price target on the stock. Lake Street Capital's price target suggests a potential upside of 46.93% from the company's previous close.

Other equities research analysts also recently issued research reports about the stock. B. Riley upgraded shares of Electromed to a "strong-buy" rating in a research report on Thursday, May 15th. Roth Capital initiated coverage on shares of Electromed in a research report on Tuesday, July 22nd. They issued a "buy" rating and a $29.00 price target for the company. Finally, Wall Street Zen downgraded shares of Electromed from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 8th. Two analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. Based on data from MarketBeat, Electromed has a consensus rating of "Strong Buy" and an average target price of $34.33.

Electromed Trading Up 18.6%

ELMD stock traded up $3.84 on Wednesday, hitting $24.50. 138,114 shares of the company's stock traded hands, compared to its average volume of 82,743. Electromed has a 1-year low of $13.74 and a 1-year high of $35.56. The stock has a market cap of $205.47 million, a price-to-earnings ratio of 33.04 and a beta of 0.38. The stock has a fifty day moving average of $19.65 and a 200-day moving average of $22.26.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Electromed during the 2nd quarter worth $32,000. State of Wyoming acquired a new position in Electromed in the 1st quarter valued at $48,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Electromed in the 2nd quarter valued at $83,000. New York State Common Retirement Fund acquired a new position in Electromed in the 2nd quarter valued at $103,000. Finally, Bank of America Corp DE grew its stake in Electromed by 179.2% in the 4th quarter. Bank of America Corp DE now owns 4,004 shares of the company's stock valued at $118,000 after buying an additional 2,570 shares during the last quarter. Institutional investors and hedge funds own 40.82% of the company's stock.

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.

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