Electromed (NYSE:ELMD) Stock Price Down 3.2% - Here's What Happened

Key Points

• Shares fell 3.2% intraday to $23.17 on Wednesday with about 32,887 shares traded (roughly 51% below average); the stock trades below its 50‑ and 200‑day moving averages (~$26) and has a market cap of $191.7 million and a P/E of 30.9.
• Analysts collectively rate the stock a "Buy" with an average price target of $36.67 (Roth Mkm reiterated a $38 buy target while Zacks recently cut the stock to a hold).
• Several hedge funds have materially increased stakes—most notably Millennium Management, which raised its holding 362.7% to 194,519 shares—and institutional ownership stands at about 40.82%.

Electromed, Inc. (NYSE:ELMD - Get Free Report) was down 3.2% during mid-day trading on Wednesday . The company traded as low as $23.01 and last traded at $23.17. Approximately 32,887 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 67,194 shares. The stock had previously closed at $23.93.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ELMD shares. Roth Mkm reaffirmed a "buy" rating and set a $38.00 target price on shares of Electromed in a research report on Wednesday, February 11th. Zacks Research cut Electromed from a "strong-buy" rating to a "hold" rating in a research note on Thursday, January 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $36.67.

Electromed Trading Down 3.2%

The business has a fifty day moving average price of $26.23 and a two-hundred day moving average price of $26.05. The company has a market cap of $191.73 million, a price-to-earnings ratio of 30.89 and a beta of 0.30.

Hedge Funds Weigh In On Electromed

A number of hedge funds have recently modified their holdings of ELMD. Millennium Management LLC raised its holdings in shares of Electromed by 362.7% during the first 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 stake 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 purchasing an additional 3,001 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Electromed by 9.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 32,281 shares of the company's stock worth $770,000 after purchasing an additional 2,672 shares during the last quarter. Jane Street Group LLC raised its stake in shares of Electromed by 136.3% during the 1st quarter. Jane Street Group LLC now owns 56,263 shares of the company's stock worth $1,342,000 after purchasing an additional 32,456 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Electromed by 128.3% during the 2nd 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. 40.82% of the stock is owned by institutional investors and hedge funds.

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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