iRadimed Corp. (IRMD) Rating Lowered to Sell at Zacks Investment Research
iRadimed Corp. (NASDAQ:IRMD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
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. “
Separately, Roth Capital lowered iRadimed Corp. from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $28.00 to $11.50 in a research note on Wednesday, October 5th.
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iRadimed Corp. (NASDAQ:IRMD) opened at 10.29 on Tuesday. The company’s 50-day moving average price is $16.69 and its 200 day moving average price is $17.99. iRadimed Corp. has a 1-year low of $9.76 and a 1-year high of $33.25. The firm has a market capitalization of $109.81 million, a PE ratio of 14.78 and a beta of 1.28.
iRadimed Corp. (NASDAQ:IRMD) last issued its quarterly earnings results on Friday, July 29th. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.03. iRadimed Corp. had a return on equity of 30.52% and a net margin of 24.52%. The company had revenue of $9.90 million for the quarter, compared to analyst estimates of $9.60 million. During the same quarter in the prior year, the company posted $0.16 EPS. The business’s revenue for the quarter was up 30.3% compared to the same quarter last year. On average, equities analysts anticipate that iRadimed Corp. will post $0.92 EPS for the current year.
In related news, VP Steven M. Nardi sold 2,096 shares of the stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $17.11, for a total value of $35,862.56. Following the transaction, the vice president now directly owns 1,996 shares of the company’s stock, valued at approximately $34,151.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 69.00% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of IRMD. Menta Capital LLC raised its position in shares of iRadimed Corp. by 18.3% in the first quarter. Menta Capital LLC now owns 33,833 shares of the company’s stock valued at $648,000 after buying an additional 5,230 shares during the period. State Street Corp raised its position in shares of iRadimed Corp. by 18.4% in the first quarter. State Street Corp now owns 31,473 shares of the company’s stock valued at $603,000 after buying an additional 4,900 shares during the period. Bank of New York Mellon Corp raised its position in shares of iRadimed Corp. by 42.9% in the second quarter. Bank of New York Mellon Corp now owns 22,065 shares of the company’s stock valued at $480,000 after buying an additional 6,626 shares during the period. California State Teachers Retirement System raised its position in shares of iRadimed Corp. by 39.6% in the second quarter. California State Teachers Retirement System now owns 8,484 shares of the company’s stock valued at $185,000 after buying an additional 2,405 shares during the period. Finally, Emerald Acquisition Ltd. purchased a new position in shares of iRadimed Corp. during the second quarter valued at $1,011,000. 20.74% of the stock is currently owned by institutional investors and hedge funds.
About iRadimed Corp.
IRADIMED CORPORATION (IRADIMED) develops, manufactures, markets and distributes Magnetic Resonance Imaging (MRI) compatible products, and provides non-magnetic intravenous (IV) infusion pump systems. The Company operates through development, manufacture and sale of MRI compatible products and IV infusion pump systems for use by hospitals and acute care facilities during MRI procedures segment.
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