Zacks Investment Research cut shares of Iradimed (NASDAQ:IRMD) from a buy rating to a hold rating in a research report released on Wednesday.

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. “

IRMD has been the subject of several other reports. Credit Suisse Group assumed coverage on Iradimed in a report on Monday, November 27th. They issued a buy rating and a $19.00 price objective for the company. Roth Capital started coverage on shares of Iradimed in a report on Tuesday, October 31st. They issued a buy rating and a $16.00 target price for the company. Finally, ValuEngine upgraded shares of Iradimed from a sell rating to a hold rating in a report on Friday, October 6th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Iradimed has a consensus rating of Buy and an average target price of $15.33.

Iradimed (NASDAQ IRMD) traded up $0.95 during mid-day trading on Wednesday, hitting $14.35. The company had a trading volume of 18,869 shares, compared to its average volume of 38,744. The company has a market capitalization of $137.75, a P/E ratio of 100.39 and a beta of 1.61. Iradimed has a 12-month low of $7.85 and a 12-month high of $15.00.

Iradimed (NASDAQ:IRMD) last released its quarterly earnings data on Monday, October 30th. The medical equipment provider reported $0.07 earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.35. The firm had revenue of $5.69 million during the quarter, compared to the consensus estimate of $5.60 million. Iradimed had a return on equity of 4.58% and a net margin of 6.51%. The firm’s quarterly revenue was down 25.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.14 earnings per share. sell-side analysts forecast that Iradimed will post 0.05 EPS for the current fiscal year.

In other Iradimed news, Director Monty K. Allen sold 1,898 shares of the business’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $13.95, for a total value of $26,477.10. Following the completion of the transaction, the director now directly owns 9,062 shares in the company, valued at $126,414.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 60.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of IRMD. Goldman Sachs Group Inc. purchased a new stake in Iradimed in the first quarter valued at approximately $290,000. Federated Investors Inc. PA lifted its holdings in Iradimed by 7.5% in the second quarter. Federated Investors Inc. PA now owns 40,400 shares of the medical equipment provider’s stock valued at $347,000 after acquiring an additional 2,807 shares during the period. Neuberger Berman Group LLC lifted its holdings in Iradimed by 23.3% in the second quarter. Neuberger Berman Group LLC now owns 18,500 shares of the medical equipment provider’s stock valued at $159,000 after acquiring an additional 3,500 shares during the period. Ameriprise Financial Inc. acquired a new position in Iradimed in the second quarter valued at approximately $2,954,000. Finally, Menta Capital LLC lifted its holdings in Iradimed by 5.7% in the second quarter. Menta Capital LLC now owns 70,476 shares of the medical equipment provider’s stock valued at $606,000 after acquiring an additional 3,823 shares during the period. Hedge funds and other institutional investors own 13.83% of the company’s stock.

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Iradimed Company Profile

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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