Iradimed Corp (IRMD) Receives $24.67 Consensus Target Price from Brokerages

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Shares of Iradimed Corp (NASDAQ:IRMD) have earned an average rating of “Buy” from the six analysts that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $24.67.

Several research analysts have commented on the stock. ValuEngine raised shares of Iradimed from a “buy” rating to a “strong-buy” rating in a report on Saturday, September 22nd. BidaskClub downgraded shares of Iradimed from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 4th. Roth Capital set a $35.00 price objective on shares of Iradimed and gave the company a “buy” rating in a report on Thursday, September 20th. Finally, TheStreet raised shares of Iradimed from a “c+” rating to a “b-” rating in a report on Monday, August 27th.

Shares of IRMD traded down $0.33 during midday trading on Thursday, hitting $25.97. 100,971 shares of the company traded hands, compared to its average volume of 188,823. Iradimed has a 52 week low of $9.95 and a 52 week high of $38.78. The company has a market capitalization of $277.36 million, a PE ratio of 99.88 and a beta of 1.46.

Iradimed (NASDAQ:IRMD) last released its quarterly earnings data on Tuesday, July 31st. The medical equipment provider reported $0.14 EPS for the quarter, beating the consensus estimate of $0.10 by $0.04. Iradimed had a net margin of 9.57% and a return on equity of 8.99%. The business had revenue of $7.38 million during the quarter, compared to the consensus estimate of $7.26 million. As a group, analysts forecast that Iradimed will post 0.37 earnings per share for the current year.

In other news, CFO Christopher K. Scott sold 26,297 shares of the company’s stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $26.16, for a total transaction of $687,929.52. Following the sale, the chief financial officer now directly owns 32,398 shares in the company, valued at approximately $847,531.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Steven M. Nardi sold 7,662 shares of the company’s stock in a transaction dated Thursday, August 2nd. The shares were sold at an average price of $23.80, for a total transaction of $182,355.60. Following the sale, the vice president now owns 5,162 shares in the company, valued at $122,855.60. The disclosure for this sale can be found here. Insiders have sold a total of 231,556 shares of company stock worth $6,209,841 over the last 90 days. Corporate insiders own 61.20% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in IRMD. Bank of America Corp DE raised its position in shares of Iradimed by 3,722.5% during the 2nd quarter. Bank of America Corp DE now owns 14,793 shares of the medical equipment provider’s stock valued at $307,000 after buying an additional 14,406 shares in the last quarter. Northern Trust Corp raised its position in shares of Iradimed by 27.9% during the 1st quarter. Northern Trust Corp now owns 26,791 shares of the medical equipment provider’s stock valued at $386,000 after buying an additional 5,850 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Iradimed by 46.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 22,588 shares of the medical equipment provider’s stock valued at $469,000 after buying an additional 7,156 shares in the last quarter. Strs Ohio raised its position in shares of Iradimed by 263.0% during the 3rd quarter. Strs Ohio now owns 16,333 shares of the medical equipment provider’s stock valued at $606,000 after buying an additional 11,833 shares in the last quarter. Finally, EAM Investors LLC raised its position in shares of Iradimed by 25.0% during the 2nd quarter. EAM Investors LLC now owns 36,774 shares of the medical equipment provider’s stock valued at $763,000 after buying an additional 7,348 shares in the last quarter. Hedge funds and other institutional investors own 19.86% of the company’s stock.

Iradimed Company Profile

IRadimed Corporation develops, manufactures, markets, and distributes magnetic resonance imaging (MRI) compatible medical devices, and related accessories and services in the United States and internationally. It offers MRI compatible intravenous (IV) infusion pump system with associated disposable IV tubing sets under the MRidium name; and MRI compatible patient vital signs monitoring system under the IRadimed name.

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