Zacks Investment Research downgraded shares of iRadimed Corp. (NASDAQ:IRMD) from a hold rating to a sell rating in a research report sent to investors on Tuesday.

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

Shares of iRadimed Corp. (NASDAQ:IRMD) opened at 9.44 on Tuesday. The stock’s 50 day moving average is $15.74 and its 200 day moving average is $17.76. The firm has a market capitalization of $100.74 million, a price-to-earnings ratio of 13.56 and a beta of 1.28. iRadimed Corp. has a 12 month low of $9.36 and a 12 month high of $33.25.

iRadimed Corp. (NASDAQ:IRMD) last announced its quarterly earnings data on Friday, July 29th. The company reported $0.24 EPS for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.03. The business had revenue of $9.90 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.16 earnings per share. Equities research analysts forecast that iRadimed Corp. will post $0.92 earnings per share for the current fiscal year.

In other iRadimed Corp. news, VP Steven M. Nardi sold 2,096 shares of the company’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 sale, the vice president now directly owns 1,996 shares of the company’s stock, valued at $34,151.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 69.00% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the company. Conestoga Capital Advisors LLC raised its stake in iRadimed Corp. by 99.0% in the third quarter. Conestoga Capital Advisors LLC now owns 572,885 shares of the company’s stock valued at $9,733,000 after buying an additional 285,050 shares during the period. Emerald Acquisition Ltd. purchased a new stake in iRadimed Corp. during the second quarter valued at about $1,011,000. Ativo Capital Management LLC raised its stake in iRadimed Corp. by 173.0% in the second quarter. Ativo Capital Management LLC now owns 57,347 shares of the company’s stock valued at $1,248,000 after buying an additional 36,340 shares during the period. Spark Investment Management LLC purchased a new stake in iRadimed Corp. during the second quarter valued at about $761,000. Finally, BlackRock Fund Advisors raised its stake in iRadimed Corp. by 37.4% in the second quarter. BlackRock Fund Advisors now owns 105,283 shares of the company’s stock valued at $2,291,000 after buying an additional 28,638 shares during the period. 20.74% of the stock is currently owned by hedge funds and other institutional investors.

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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