Iradimed (NASDAQ:IRMD) Cut to “Buy” at StockNews.com

StockNews.com cut shares of Iradimed (NASDAQ:IRMD) from a strong-buy rating to a buy rating in a research report released on Wednesday morning.

Iradimed Price Performance

NASDAQ IRMD opened at $60.15 on Wednesday. Iradimed has a 12 month low of $40.18 and a 12 month high of $63.29. The company has a market capitalization of $762.10 million, a price-to-earnings ratio of 41.20 and a beta of 0.82. The firm’s fifty day moving average price is $56.64 and its 200 day moving average price is $51.62.

Insider Buying and Selling at Iradimed

In other news, CFO John Glenn sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $54.18, for a total value of $135,450.00. Following the completion of the transaction, the chief financial officer now owns 4,383 shares of the company’s stock, valued at $237,470.94. The trade was a 36.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 37.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Iradimed

Institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new position in Iradimed in the 4th quarter valued at about $2,319,000. Proficio Capital Partners LLC acquired a new stake in shares of Iradimed during the 4th quarter worth approximately $926,000. Silver Coast Investments LLC bought a new stake in Iradimed in the fourth quarter valued at $236,000. US Bancorp DE raised its holdings in shares of Iradimed by 476.6% during the fourth quarter. US Bancorp DE now owns 617 shares of the medical equipment provider’s stock valued at $34,000 after buying an additional 510 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Iradimed by 94.1% in the 4th quarter. Bank of New York Mellon Corp now owns 100,108 shares of the medical equipment provider’s stock valued at $5,506,000 after buying an additional 48,534 shares in the last quarter. Hedge funds and other institutional investors own 92.34% of the company’s stock.

Iradimed Company Profile

IRadimed Corp. engages in the development, manufacture, marketing, and distribution of Magnetic Resonance Imaging compatible medical devices. It also provides a non-magnetic Intravenous infusion pump system that is specifically designed for use during MRI procedures. The company was founded by Roger Susi in July 1992 and is headquartered in Winter Springs, FL.