Electromed (NYSE:ELMD) Director Sells $1,521,483.52 in Stock

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 Electromed stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $24.32, for a total value of $1,521,483.52. Following the completion of the transaction, the director owned 3,153 shares of the company's stock, valued at approximately $76,680.96. This represents a 95.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

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

Electromed Trading Down 0.9%

ELMD traded down $0.22 during midday trading on Wednesday, hitting $24.17. 66,399 shares of the company traded hands, compared to its average volume of 85,053. The business has a 50 day simple moving average of $20.78 and a two-hundred day simple moving average of $21.78. Electromed, Inc. has a 52-week low of $17.73 and a 52-week high of $35.56. The company has a market capitalization of $201.80 million, a price-to-earnings ratio of 32.23 and a beta of 0.54.

Hedge Funds Weigh In On Electromed

A number of hedge funds have recently modified their holdings of ELMD. Police & Firemen s Retirement System of New Jersey acquired a new position in Electromed in the second quarter valued at about $32,000. State of Wyoming purchased a new stake in shares of Electromed in the 1st quarter valued at approximately $48,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Electromed during the 2nd quarter worth approximately $83,000. Bank of America Corp DE increased its holdings in 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 last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Electromed in the fourth quarter valued at approximately $119,000. 40.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

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.