Electromed (NYSE:ELMD) Shares Down 2.5% - Here's What Happened

Key Points

• Shares fell 2.5% intraday to $25.10 (low $24.89) on volume of 43,550 shares, about 25% below the average session volume.
• Analysts hold a consensus "Buy" with a consensus target of $36.67, though Zacks recently cut its rating to Hold while Roth MKM reiterated a Buy with a $38 target.
• Institutional activity includes Allspring increasing its stake by 717% to 106,005 shares; institutions now own 40.82% of the stock, and the company has a market cap of $207.7 million.

Electromed, Inc. (NYSE:ELMD - Get Free Report)'s stock price fell 2.5% during mid-day trading on Wednesday . The company traded as low as $24.89 and last traded at $25.10. 43,550 shares traded hands during mid-day trading, a decline of 25% from the average session volume of 58,140 shares. The stock had previously closed at $25.74.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ELMD. Zacks Research cut Electromed from a "strong-buy" rating to a "hold" rating in a research note on Thursday, January 29th. Roth Mkm restated a "buy" rating and issued a $38.00 price target on shares of Electromed in a research note on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $36.67.

Electromed Price Performance

The company has a market capitalization of $207.70 million, a price-to-earnings ratio of 33.47 and a beta of 0.32. The stock has a 50 day simple moving average of $24.37 and a two-hundred day simple moving average of $26.08.

Institutional Trading of Electromed

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its position in shares of Electromed by 717.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 106,005 shares of the company's stock worth $3,087,000 after purchasing an additional 93,030 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Electromed during the third quarter worth about $416,000. Pekin Hardy Strauss Inc. acquired a new stake in shares of Electromed during the fourth quarter worth about $211,000. SG Americas Securities LLC acquired a new stake in shares of Electromed during the fourth quarter worth about $114,000. Finally, Hunter Associates Investment Management LLC increased its position in shares of Electromed by 2.4% during the fourth quarter. Hunter Associates Investment Management LLC now owns 120,550 shares of the company's stock worth $3,512,000 after purchasing an additional 2,800 shares in the last quarter. Institutional investors and hedge funds 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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