Zacks Investment Research Upgrades Iradimed (IRMD) to Strong-Buy

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 currently has a $30.00 price target on the medical equipment provider’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.57% from the stock’s current price.

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. “

Other equities analysts have also recently issued research reports about the stock. BidaskClub raised shares of Iradimed from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 12th. Roth Capital set a $35.00 price target on shares of Iradimed and gave the company a “buy” rating in a research report on Thursday, September 20th. ValuEngine raised shares of Iradimed from a “buy” rating to a “strong-buy” rating in a research report on Saturday, September 22nd. Finally, TheStreet raised shares of Iradimed from a “c+” rating to a “b-” rating in a research report on Monday, August 27th. One research analyst has rated the stock with a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $28.00.

IRMD stock traded down $0.91 during midday trading on Tuesday, hitting $26.65. The company’s stock had a trading volume of 761 shares, compared to its average volume of 142,306. Iradimed has a 52-week low of $12.51 and a 52-week high of $38.78. The stock has a market capitalization of $289.33 million, a PE ratio of 333.81 and a beta of 1.90.

Iradimed (NASDAQ:IRMD) last issued its quarterly earnings results on Tuesday, October 30th. The medical equipment provider reported $0.14 EPS for the quarter, beating the Thomson Reuters’ 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 company had revenue of $7.62 million during the quarter, compared to analysts’ expectations of $7.43 million. On average, sell-side analysts predict that Iradimed will post 0.39 earnings per share for the current fiscal year.

In other news, VP Francis X. Casey sold 55,000 shares of Iradimed stock in a transaction on Friday, September 14th. The shares were sold at an average price of $29.30, for a total transaction of $1,611,500.00. Following the completion of the sale, the vice president now directly owns 98,779 shares of the company’s stock, valued at approximately $2,894,224.70. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 61.20% of the stock is currently owned by insiders.

Institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC lifted its position in shares of Iradimed by 205.5% during the 3rd quarter. Acadian Asset Management LLC now owns 4,469 shares of the medical equipment provider’s stock worth $166,000 after purchasing an additional 3,006 shares during the last quarter. Bank of America Corp DE lifted 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 worth $307,000 after purchasing an additional 14,406 shares during the last quarter. Northern Trust Corp lifted 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 worth $386,000 after purchasing an additional 5,850 shares during the last quarter. Calamos Advisors LLC purchased a new stake in shares of Iradimed during the 3rd quarter worth $436,000. Finally, Bank of New York Mellon Corp lifted 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 worth $469,000 after purchasing an additional 7,156 shares during the last quarter. 19.79% of the stock is owned by institutional investors and hedge funds.

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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