Electromed (NYSE:ELMD) Rating Lowered to "Hold" at Zacks Research

Key Points

• Zacks Research downgraded Electromed from “strong-buy” to “hold”, even as B. Riley Financial recently raised its price target on the stock from $38 to $40 and kept a buy rating.
• Despite the downgrade, analyst sentiment remains fairly positive overall: three analysts rate ELMD a Buy and one rates it Hold, with a MarketBeat average rating of Moderate Buy and an average target price of $37.50.
• Electromed shares were trading at $44.34, above both the average analyst target and the stock’s 50-day and 200-day moving averages; meanwhile, insiders have been selling shares, including the CFO and CEO.

Electromed (NYSE:ELMD - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Monday,Zacks.com reports.

Separately, B. Riley Financial lifted their price target on shares of Electromed from $38.00 to $40.00 and gave the company a "buy" rating in a report on Wednesday, May 13th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $37.50.

Electromed Price Performance

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 business has a 50-day moving average of $38.30 and a two-hundred day moving average of $30.31. The stock has a market capitalization of $367.14 million, a price-to-earnings ratio of 59.12 and a beta of 0.50.

Insider Transactions at Electromed

In related news, CFO Bradley M. Nagel sold 11,801 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $36.35, for a total transaction of $428,966.35. Following the completion of the sale, the chief financial officer owned 19,638 shares of the company's stock, valued at approximately $713,841.30. This represents a 37.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James L. Cunniff sold 9,700 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $36.50, for a total transaction of $354,050.00. Following the completion of the transaction, the chief executive officer owned 147,751 shares in the company, valued at $5,392,911.50. The trade was a 6.16% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 61,501 shares of company stock worth $2,202,216. 10.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Electromed

A number of hedge funds have recently made changes to their positions in the business. Millennium Management LLC lifted its position 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 acquiring an additional 152,480 shares in the last quarter. NewEdge Advisors LLC grew its position in Electromed by 20.1% in the first quarter. NewEdge Advisors LLC now owns 17,952 shares of the company's stock valued at $428,000 after acquiring an additional 3,001 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Electromed by 9.0% during the first quarter. Goldman Sachs Group Inc. now owns 32,281 shares of the company's stock valued at $770,000 after purchasing 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 valued at $1,342,000 after purchasing an additional 32,456 shares during the period. Finally, Geode Capital Management LLC lifted its position 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 purchasing an additional 87,401 shares in the last quarter. Hedge funds and other 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.

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