Millennium Management LLC Has $1.24 Million Stake in Electromed, Inc. (NYSE:ELMD)

Millennium Management LLC increased its holdings in shares of Electromed, Inc. (NYSE:ELMD - Free Report) by 171.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,039 shares of the company's stock after acquiring an additional 26,571 shares during the period. Millennium Management LLC owned about 0.50% of Electromed worth $1,242,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Russell Investments Group Ltd. bought a new stake in shares of Electromed during the fourth quarter worth $37,000. IFP Advisors Inc bought a new position in shares of Electromed in the 4th quarter valued at about $59,000. Quantbot Technologies LP bought a new stake in shares of Electromed during the 4th quarter valued at $99,000. Bank of America Corp DE lifted its stake in shares of 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 purchasing an additional 2,570 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in shares of Electromed by 426.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,055 shares of the company's stock worth $149,000 after purchasing an additional 4,095 shares during the last quarter. 40.82% of the stock is owned by institutional investors and hedge funds.

Electromed Stock Up 0.8%

Shares of ELMD traded up $0.17 during trading hours on Friday, reaching $20.95. The stock had a trading volume of 49,762 shares, compared to its average volume of 72,740. The company has a market cap of $175.69 million, a P/E ratio of 27.93 and a beta of 0.40. Electromed, Inc. has a 52 week low of $13.74 and a 52 week high of $35.56. The firm has a 50-day moving average of $22.03 and a 200 day moving average of $26.80.

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

Analysts Set New Price Targets

A number of research firms recently commented on ELMD. B. Riley upgraded Electromed to a "strong-buy" rating in a report on Thursday, May 15th. Wall Street Zen lowered Electromed from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 8th.

Electromed 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.