Electromed (NYSE:ELMD) Stock Price Down 3.2% – Here’s What Happened

Electromed, Inc. (NYSE:ELMD) was down 3.2% during trading on Wednesday . The stock traded as low as $23.01 and last traded at $23.17. Approximately 32,887 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 67,194 shares. The stock had previously closed at $23.93.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ELMD. Roth Mkm restated a “buy” rating and issued a $38.00 price objective on shares of Electromed in a report on Wednesday, February 11th. Zacks Research downgraded shares of Electromed from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Electromed presently has a consensus rating of “Buy” and a consensus target price of $36.67.

Electromed Stock Performance

The stock has a 50 day moving average of $26.23 and a two-hundred day moving average of $26.05. The firm has a market capitalization of $191.73 million, a P/E ratio of 30.89 and a beta of 0.30.

Hedge Funds Weigh In On Electromed

A number of institutional investors have recently modified their holdings of ELMD. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Electromed during the 3rd quarter worth $416,000. White Pine Capital LLC raised its holdings in Electromed by 16.8% in the 2nd quarter. White Pine Capital LLC now owns 36,337 shares of the company’s stock worth $799,000 after acquiring an additional 5,239 shares during the period. Hunter Associates Investment Management LLC raised its holdings in Electromed by 2.4% in the 4th quarter. Hunter Associates Investment Management LLC now owns 120,550 shares of the company’s stock worth $3,512,000 after acquiring an additional 2,800 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Electromed by 717.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 106,005 shares of the company’s stock worth $3,087,000 after acquiring an additional 93,030 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in Electromed during the fourth quarter valued at about $43,000. Institutional investors own 40.82% of the company’s stock.

About Electromed

Electromed Inc (NYSE: ELMD) develops and manufactures sleep therapy products designed to support individuals with breathing disorders such as obstructive sleep apnea. The company’s core business activities include the design, production and distribution of continuous positive airway pressure (CPAP) and bilevel positive airway pressure (BiPAP) accessories. Electromed’s focus on supplying both disposable and reusable components allows durable medical equipment providers to offer comprehensive therapy solutions to patients.

The company’s product portfolio encompasses masks, mask cushions, headgear, tubing, filters and humidification components.