Iradimed (NASDAQ:IRMD) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday. The brokerage presently has a $30.00 target price on the medical equipment provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 14.68% from the stock’s previous close.
According to Zacks, “iRadimed Corporation engages in developing, manufacturing, marketing, and distributing magnetic resonance imaging (MRI) compatible products. It offers non-magnetic intravenous (IV) infusion pump systems, IV tubing sets, IV poles, wireless remote displays/controls under the mRidium name; side car pump modules; dose error reduction systems; Masimo SET SpO2 monitoring products; and MRI Pulse oximeters, and MRI oximeter remotes and displays under the iMagox name used during MRI procedures. iRadimed Corporation is headquartered in Winter Park, Florida. “
IRMD has been the subject of a number of other research reports. BidaskClub raised shares of Iradimed from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 9th. TheStreet raised shares of Iradimed from a “c+” rating to a “b-” rating in a report on Monday, August 27th. Roth Capital upped their price objective on shares of Iradimed from $21.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, August 1st. Finally, ValuEngine raised shares of Iradimed from a “buy” rating to a “strong-buy” rating in a report on Saturday, September 22nd. One equities research analyst has rated the stock with a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $28.00.
Iradimed stock opened at $26.16 on Tuesday. Iradimed has a 52-week low of $12.51 and a 52-week high of $38.78. The firm has a market cap of $274.69 million, a PE ratio of 327.00 and a beta of 1.90.
Iradimed (NASDAQ:IRMD) last released its earnings results on Tuesday, October 30th. The medical equipment provider reported $0.14 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.10 by $0.04. Iradimed had a net margin of 16.59% and a return on equity of 12.20%. The business had revenue of $7.62 million during the quarter, compared to analyst estimates of $7.43 million. As a group, equities research analysts forecast that Iradimed will post 0.47 EPS for the current fiscal year.
In related news, Director Monty K. Allen sold 4,347 shares of the company’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $27.04, for a total value of $117,542.88. Following the completion of the sale, the director now owns 15,625 shares of the company’s stock, valued at $422,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Louis S. Waldman sold 35,000 shares of the company’s stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $26.06, for a total transaction of $912,100.00. The disclosure for this sale can be found here. Insiders sold 197,597 shares of company stock valued at $5,339,555 in the last three months. 61.20% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of IRMD. Acadian Asset Management LLC lifted its position in Iradimed by 205.5% in the third quarter. Acadian Asset Management LLC now owns 4,469 shares of the medical equipment provider’s stock valued at $166,000 after buying an additional 3,006 shares during the last quarter. Bank of America Corp DE lifted its position in Iradimed by 3,722.5% in the second 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 during the last quarter. Northern Trust Corp lifted its position in Iradimed by 27.9% in the first 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 during the last quarter. Calamos Advisors LLC acquired a new position in Iradimed in the third quarter valued at about $436,000. Finally, Bank of New York Mellon Corp lifted its position in Iradimed by 46.4% in the second 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 during the last quarter. 19.79% of the stock is currently owned by institutional investors.
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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