Cadence Capital Management LLC Has $2.99 Million Position in Iradimed Corp (IRMD)
Cadence Capital Management LLC lifted its position in Iradimed Corp (NASDAQ:IRMD) by 27.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 143,966 shares of the medical equipment provider’s stock after acquiring an additional 31,437 shares during the period. Cadence Capital Management LLC owned approximately 1.35% of Iradimed worth $2,987,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in the stock. O Shaughnessy Asset Management LLC bought a new stake in Iradimed during the 1st quarter worth approximately $162,000. Deutsche Bank AG increased its stake in Iradimed by 820.3% during the 4th quarter. Deutsche Bank AG now owns 23,100 shares of the medical equipment provider’s stock worth $349,000 after purchasing an additional 20,590 shares in the last quarter. Northern Trust Corp increased its stake in Iradimed by 27.9% during the 1st quarter. Northern Trust Corp now owns 26,791 shares of the medical equipment provider’s stock worth $386,000 after purchasing an additional 5,850 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Iradimed by 46.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 22,588 shares of the medical equipment provider’s stock worth $469,000 after purchasing an additional 7,156 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in Iradimed by 200.4% during the 4th quarter. Renaissance Technologies LLC now owns 47,770 shares of the medical equipment provider’s stock worth $724,000 after purchasing an additional 31,870 shares in the last quarter. Institutional investors and hedge funds own 21.19% of the company’s stock.
A number of analysts recently issued reports on IRMD shares. Roth Capital increased their target price on Iradimed from $21.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, August 1st. Zacks Investment Research raised Iradimed from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research note on Friday, May 4th. ValuEngine raised Iradimed from a “hold” rating to a “buy” rating in a research note on Wednesday, May 2nd. Finally, BidaskClub raised Iradimed from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 9th. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Iradimed presently has a consensus rating of “Buy” and an average price target of $21.67.
NASDAQ IRMD opened at $29.30 on Friday. Iradimed Corp has a 52-week low of $9.25 and a 52-week high of $30.60. The company has a market cap of $311.33 million, a P/E ratio of 366.25 and a beta of 1.42.
Iradimed (NASDAQ:IRMD) last posted its earnings results on Tuesday, July 31st. The medical equipment provider reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.04. The business had revenue of $7.38 million during the quarter, compared to analysts’ expectations of $7.26 million. Iradimed had a return on equity of 8.99% and a net margin of 9.57%. analysts anticipate that Iradimed Corp will post 0.37 earnings per share for the current year.
IRadimed Corporation develops, manufactures, markets, and distributes magnetic resonance imaging (MRI) compatible medical devices, and related accessories and services in the United States and internationally. It offers MRI compatible intravenous (IV) infusion pump system with associated disposable IV tubing sets under the MRidium name; and MRI compatible patient vital signs monitoring system under the IRadimed name.
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