iRadimed Corporation (IRMD) Shares Sold by Granite Investment Partners LLC
Granite Investment Partners LLC decreased its stake in iRadimed Corporation (NASDAQ:IRMD) by 4.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 112,262 shares of the medical equipment provider’s stock after selling 5,408 shares during the period. Granite Investment Partners LLC’s holdings in iRadimed Corporation were worth $965,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the company. Mondrian Investment Partners LTD increased its stake in shares of iRadimed Corporation by 52.2% in the first quarter. Mondrian Investment Partners LTD now owns 206,547 shares of the medical equipment provider’s stock valued at $1,838,000 after buying an additional 70,818 shares during the last quarter. Globeflex Capital L P increased its stake in shares of iRadimed Corporation by 92.0% in the first quarter. Globeflex Capital L P now owns 85,151 shares of the medical equipment provider’s stock valued at $758,000 after buying an additional 40,800 shares during the last quarter. Goldman Sachs Group Inc. acquired a new stake in shares of iRadimed Corporation during the first quarter valued at approximately $290,000. Oxford Asset Management increased its stake in shares of iRadimed Corporation by 85.4% in the first quarter. Oxford Asset Management now owns 65,663 shares of the medical equipment provider’s stock valued at $584,000 after buying an additional 30,238 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of iRadimed Corporation by 25.9% in the first quarter. AQR Capital Management LLC now owns 137,663 shares of the medical equipment provider’s stock valued at $1,225,000 after buying an additional 28,345 shares during the last quarter. 16.13% of the stock is currently owned by institutional investors and hedge funds.
Shares of iRadimed Corporation (NASDAQ:IRMD) opened at 9.85 on Monday. The firm has a market cap of $104.23 million, a P/E ratio of 41.21 and a beta of 1.51. iRadimed Corporation has a 1-year low of $7.85 and a 1-year high of $19.09. The firm has a 50 day moving average price of $9.00 and a 200 day moving average price of $8.66.
iRadimed Corporation (NASDAQ:IRMD) last issued its quarterly earnings results on Friday, July 28th. The medical equipment provider reported $0.06 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.07. The business had revenue of $5.50 million for the quarter, compared to analysts’ expectations of $5.41 million. iRadimed Corporation had a net margin of 11.61% and a return on equity of 8.98%. The business’s quarterly revenue was down 44.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.24 earnings per share. Analysts anticipate that iRadimed Corporation will post $0.12 EPS for the current year.
iRadimed Corporation declared that its Board of Directors has authorized a stock repurchase plan on Friday, April 28th that authorizes the company to buyback $8.00 million in outstanding shares. This buyback authorization authorizes the medical equipment provider to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.
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IRMD has been the topic of several research analyst reports. Zacks Investment Research downgraded iRadimed Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, May 9th. ValuEngine downgraded iRadimed Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. TheStreet raised iRadimed Corporation from a “d” rating to a “c-” rating in a research note on Friday, June 23rd. Finally, Roth Capital raised iRadimed Corporation from a “neutral” rating to a “buy” rating and lifted their price target for the company from $9.00 to $12.00 in a research note on Monday, July 31st.
In other iRadimed Corporation news, VP Steven M. Nardi sold 4,634 shares of the company’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $8.32, for a total transaction of $38,554.88. Following the sale, the vice president now owns 2,194 shares of the company’s stock, valued at $18,254.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 60.10% of the company’s stock.
About iRadimed Corporation
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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