Electromed (NYSE:ELMD) Director Andrew Summers Sells 62,561 Shares

Key Points

• Electromed, Inc. (NYSE:ELMD) Director Andrew Summers sold 62,561 shares of stock for approximately $1.52 million, significantly reducing his holdings by 95.20%.
• Electromed's stock has seen a decline, trading at $23.88, with analysts maintaining a consensus "Buy" rating and an average target price of $36.25.
• Several institutional investors have increased their stakes in Electromed, with Acadian Asset Management boosting its position by 25.2% in the first quarter.

Electromed, Inc. (NYSE:ELMD - Get Free Report) Director Andrew Summers sold 62,561 shares of the company's stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $24.32, for a total value of $1,521,483.52. Following the transaction, the director owned 3,153 shares in the company, valued at $76,680.96. This trade represents a 95.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Andrew Summers also recently made the following trade(s):

• On Thursday, September 11th, Andrew Summers sold 3,153 shares of Electromed stock. The shares were sold at an average price of $24.42, for a total transaction of $76,996.26.

Electromed Stock Performance

ELMD stock traded down $0.03 during mid-day trading on Tuesday, reaching $24.68. The company had a trading volume of 30,173 shares, compared to its average volume of 84,899. The firm has a fifty day simple moving average of $20.62 and a 200 day simple moving average of $21.74. The company has a market capitalization of $206.01 million, a price-to-earnings ratio of 32.90 and a beta of 0.54. Electromed, Inc. has a fifty-two week low of $17.73 and a fifty-two week high of $35.56.

Analyst Ratings Changes

A number of brokerages recently issued reports on ELMD. Roth Capital upped their target price on Electromed from $29.00 to $35.00 and gave the company a "buy" rating in a research report on Wednesday, August 27th. Lake Street Capital assumed coverage on shares of Electromed in a research note on Wednesday, August 27th. They issued a "buy" rating and a $36.00 price objective on the stock. Finally, Loop Capital set a $36.00 price objective on shares of Electromed in a research note on Wednesday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the stock. According to data from MarketBeat, Electromed presently has a consensus rating of "Buy" and an average target price of $36.25.

Hedge Funds Weigh In On Electromed

Hedge funds have recently made changes to their positions in the stock. Acadian Asset Management LLC increased its position in Electromed by 25.2% during the 1st quarter. Acadian Asset Management LLC now owns 267,975 shares of the company's stock worth $6,388,000 after purchasing an additional 53,872 shares in the last quarter. Millennium Management LLC lifted its stake 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 purchasing an additional 152,480 shares in the last quarter. Geode Capital Management LLC lifted its stake 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. Gamco Investors INC. ET AL lifted its stake in shares of Electromed by 6.8% during the second quarter. Gamco Investors INC. ET AL now owns 142,000 shares of the company's stock worth $3,123,000 after purchasing an additional 9,000 shares in the last quarter. Finally, Hunter Associates Investment Management LLC lifted its stake in shares of Electromed by 4.4% during the second quarter. Hunter Associates Investment Management LLC now owns 106,950 shares of the company's stock worth $2,351,000 after purchasing an additional 4,500 shares in the last quarter. Institutional investors and hedge funds own 40.82% of the company's stock.

About Electromed

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.