Zacks Investment Research cut shares of iRadimed Corp. (NASDAQ:IRMD) from a hold rating to a sell rating in a research note released on Tuesday morning.

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 cut shares of iRadimed Corp. from a buy rating to a neutral rating and reduced their target price for the stock from $28.00 to $11.50 in a report on Wednesday, October 5th.

Shares of iRadimed Corp. (NASDAQ:IRMD) remained flat at $10.20 during midday trading on Tuesday. The company had a trading volume of 2,475 shares. iRadimed Corp. has a 52-week low of $9.76 and a 52-week high of $33.25. The stock has a market capitalization of $108.85 million, a P/E ratio of 14.66 and a beta of 1.28. The firm’s 50 day moving average is $16.47 and its 200 day moving average is $17.94.

iRadimed Corp. (NASDAQ:IRMD) last issued its earnings results on Friday, July 29th. The company reported $0.24 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.03. The firm earned $9.90 million during the quarter, compared to analysts’ expectations of $9.60 million. iRadimed Corp. had a net margin of 24.52% and a return on equity of 30.52%. The firm’s revenue for the quarter was up 30.3% compared to the same quarter last year. During the same period last year, the firm posted $0.16 earnings per share. On average, equities analysts anticipate that iRadimed Corp. will post $0.92 earnings per share for the current year.

In other news, VP Steven M. Nardi sold 2,096 shares of the firm’s stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $17.11, for a total transaction of $35,862.56. Following the transaction, the vice president now owns 1,996 shares in the company, valued at approximately $34,151.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 69.00% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IRMD. Menta Capital LLC increased its position in iRadimed Corp. by 18.3% in the first quarter. Menta Capital LLC now owns 33,833 shares of the company’s stock worth $648,000 after buying an additional 5,230 shares in the last quarter. State Street Corp increased its position in iRadimed Corp. by 18.4% in the first quarter. State Street Corp now owns 31,473 shares of the company’s stock worth $603,000 after buying an additional 4,900 shares in the last quarter. Bank of New York Mellon Corp increased its position in 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 worth $480,000 after buying an additional 6,626 shares in the last quarter. California State Teachers Retirement System increased its position in iRadimed Corp. by 39.6% in the second quarter. California State Teachers Retirement System now owns 8,484 shares of the company’s stock worth $185,000 after buying an additional 2,405 shares in the last quarter. Finally, Emerald Acquisition Ltd. acquired a new position in iRadimed Corp. during the second quarter worth $1,011,000. Institutional investors and hedge funds own 20.74% of the company’s stock.

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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