Iradimed (NASDAQ:IRMD) Trading Up 8% - Still a Buy?

Iradimed Corporation (NASDAQ:IRMD - Get Free Report)'s share price shot up 8% during mid-day trading on Thursday . The stock traded as high as $55.56 and last traded at $55.77. 12,296 shares changed hands during trading, a decline of 71% from the average session volume of 42,537 shares. The stock had previously closed at $51.66.

Wall Street Analysts Forecast Growth

A number of research firms have commented on IRMD. Roth Mkm reissued a "buy" rating and set a $72.00 target price (up previously from $60.00) on shares of Iradimed in a research report on Friday, February 14th. Wall Street Zen raised shares of Iradimed from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, May 6th.

Iradimed Stock Performance

The business has a 50 day moving average of $52.40 and a two-hundred day moving average of $54.40. The stock has a market capitalization of $734.80 million, a PE ratio of 38.53 and a beta of 0.91.

Iradimed Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Tuesday, May 20th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.18%. The ex-dividend date was Tuesday, May 20th. Iradimed's payout ratio is 43.87%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC grew its holdings in Iradimed by 125.0% in the fourth quarter. SG Americas Securities LLC now owns 6,595 shares of the medical equipment provider's stock worth $363,000 after purchasing an additional 3,664 shares during the last quarter. R Squared Ltd acquired a new stake in shares of Iradimed in the 4th quarter worth $30,000. Copeland Capital Management LLC grew its stake in Iradimed by 12.6% during the 4th quarter. Copeland Capital Management LLC now owns 475,563 shares of the medical equipment provider's stock worth $26,156,000 after buying an additional 53,138 shares during the last quarter. Shaker Investments LLC OH grew its stake in Iradimed by 0.8% during the 4th quarter. Shaker Investments LLC OH now owns 29,894 shares of the medical equipment provider's stock worth $1,644,000 after buying an additional 233 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in Iradimed by 8.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 21,759 shares of the medical equipment provider's stock valued at $1,197,000 after buying an additional 1,637 shares in the last quarter. Hedge funds and other institutional investors own 92.34% of the company's stock.

About Iradimed

IRadimed Corp. engages in the development, manufacture, marketing, and distribution of Magnetic Resonance Imaging compatible medical devices. It also provides a non-magnetic Intravenous infusion pump system that is specifically designed for use during MRI procedures. The company was founded by Roger Susi in July 1992 and is headquartered in Winter Springs, FL.