iRadimed (NASDAQ:IRMD) Sets New 52-Week Low – Here’s Why

iRadimed Corporation (NASDAQ:IRMD) shares reached a new 52-week low on Friday. The stock traded as low as $76.38 and last traded at $76.81, with a volume of 142,452 shares. The stock had previously closed at $85.74.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on IRMD shares. Weiss Ratings raised iRadimed from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, October 16th. Wall Street Zen cut iRadimed from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Needham & Company LLC initiated coverage on iRadimed in a research note on Tuesday, September 22nd. They set a “hold” rating on the stock. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $120.00.

iRadimed Stock Down 10.4%

The stock has a 50 day moving average price of $85.86 and a two-hundred day moving average price of $92.79. The firm has a market cap of $982.23 million, a PE ratio of 43.08 and a beta of 0.91.

iRadimed (NASDAQ:IRMD) last posted its quarterly earnings data on Friday, October 30th. The medical equipment provider reported $0.55 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.55. iRadimed had a net margin of 26.70% and a return on equity of 23.45%. As a group, equities analysts anticipate that iRadimed Corporation will post 1.98 earnings per share for the current year.

Insider Buying and Selling at iRadimed

In related news, Director Monty K. Allen sold 1,419 shares of iRadimed stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $86.41, for a total transaction of $122,615.79. Following the transaction, the director owned 19,581 shares in the company, valued at approximately $1,691,994.21. The trade was a 6.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 34.60% of the stock is currently owned by company insiders.

Institutional Trading of iRadimed

Institutional investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC acquired a new stake in iRadimed during the 2nd quarter valued at $28,000. IFP Advisors Inc boosted its holdings in shares of iRadimed by 264.7% in the 2nd quarter. IFP Advisors Inc now owns 569 shares of the medical equipment provider’s stock worth $54,000 after acquiring an additional 413 shares in the last quarter. Global Retirement Partners LLC acquired a new stake in shares of iRadimed in the 2nd quarter valued at $84,000. Inspire Investing LLC acquired a new stake in shares of iRadimed during the first quarter worth $107,000. Finally, State of Wyoming bought a new stake in shares of iRadimed in the second quarter worth about $130,000. Institutional investors and hedge funds own 92.34% of the company’s stock.

iRadimed Company Profile

iRadimed Corporation (NASDAQ: IRMD) develops, manufactures and sells medical devices designed for use during magnetic resonance imaging (MRI) procedures. The company focuses on solutions that allow clinicians to deliver intravenous medications and monitor patients safely while they are in or near an MRI scanner.

Its principal products include the MRidium MRI-compatible infusion pump systems, which are designed to administer intravenous fluids and medications without interfering with MRI operations.