iRadimed (NASDAQ:IRMD) Shares Cross Above 50-Day Moving Average – Here’s What Happened

iRadimed Corporation (NASDAQ:IRMD) crossed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $85.29 and traded as high as $86.17. iRadimed shares last traded at $85.35, with a volume of 115,215 shares.

Analysts Set New Price Targets

IRMD has been the topic of several recent research reports. Wall Street Zen cut shares of iRadimed from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings raised shares of iRadimed from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, October 16th. Finally, Needham & Company LLC started coverage on shares of iRadimed in a research report on Tuesday, September 22nd. They set a “hold” rating for the company. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $120.00.

iRadimed Stock Performance

The company has a 50 day moving average of $85.29 and a 200-day moving average of $91.86. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 45.64 and a beta of 0.91.

iRadimed (NASDAQ:IRMD) last released its earnings results on Friday, October 30th. The medical equipment provider reported $0.55 earnings per share for the quarter, meeting the consensus estimate of $0.55. The company had revenue of $24.20 million during the quarter, compared to the consensus estimate of $23.47 million. iRadimed had a return on equity of 23.90% and a net margin of 26.85%. On average, research analysts anticipate that iRadimed Corporation will post 1.92 EPS for the current year.

iRadimed Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Friday, November 13th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. iRadimed’s dividend payout ratio (DPR) is presently 42.78%.

Insider Buying and Selling at iRadimed

In related news, Director Monty K. Allen sold 1,419 shares of iRadimed stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $86.41, for a total value of $122,615.79. Following the completion of 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 34.60% of the company’s stock.

Hedge Funds Weigh In On iRadimed

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IRMD. BlackRock Inc. acquired a new position in shares of iRadimed during the second quarter worth $92,485,000. Ranger Investment Management L.P. purchased a new position in iRadimed in the second quarter valued at $9,398,000. Bank of New York Mellon Corp purchased a new position in iRadimed in the second quarter valued at $7,252,000. Rice Hall James & Associates LLC acquired a new stake in iRadimed in the second quarter valued at $2,909,000. Finally, Bridge City Capital LLC raised its stake in iRadimed by 36.5% in the third quarter. Bridge City Capital LLC now owns 96,975 shares of the medical equipment provider’s stock valued at $8,361,000 after buying an additional 25,932 shares in the last quarter. Hedge funds and other institutional investors own 92.34% of the company’s stock.

About iRadimed

iRadimed Corporation develops, manufactures and markets medical devices designed for use in magnetic resonance imaging (MRI) environments. Its products include MRI-compatible patient monitoring systems and intravenous infusion pumps, along with related accessories. The company’s monitoring systems help clinicians track patients during MRI procedures, while its infusion pumps deliver fluids and medications in the MRI suite. iRadimed’s equipment is designed to operate in the presence of MRI magnets, where conventional medical devices may not be suitable.