Electromed (NYSE:ELMD) to Buyback $5.00 million in Shares

Electromed (NYSE:ELMD) announced that its board has authorized a share buyback program on Monday, March 10th, RTT News reports. The company plans to repurchase $5.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 2.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Electromed Stock Down 2.9 %

Shares of ELMD opened at $24.70 on Tuesday. The firm has a 50-day moving average price of $30.85 and a 200 day moving average price of $26.29. The firm has a market capitalization of $211.36 million, a PE ratio of 32.93 and a beta of 0.41. Electromed has a 52-week low of $13.74 and a 52-week high of $35.56.

Analyst Ratings Changes

A number of analysts recently weighed in on ELMD shares. StockNews.com cut shares of Electromed from a “strong-buy” rating to a “buy” rating in a report on Monday. B. Riley started coverage on shares of Electromed in a report on Thursday, February 20th. They issued a “buy” rating and a $38.00 price objective on the stock.

Insider Activity at Electromed

In other news, Director Kathleen Skarvan sold 38,954 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $29.28, for a total transaction of $1,140,573.12. Following the completion of the transaction, the director now owns 32,622 shares in the company, valued at approximately $955,172.16. This trade represents a 54.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Andrew Summers sold 50,751 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $27.30, for a total transaction of $1,385,502.30. Following the transaction, the director now owns 65,714 shares of the company’s stock, valued at approximately $1,793,992.20. This trade represents a 43.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 133,618 shares of company stock worth $3,821,636 in the last 90 days. Corporate insiders own 14.00% of the company’s stock.

About Electromed

Electromed, Inc develops, manufactures, markets, and sells airway clearance therapy and related products that apply high frequency chest wall oscillation (HFCWO) therapy in pulmonary care for patients of various ages in the United States and internationally. The company offers SmartVest airway clearance system for patients with compromised pulmonary functions, including bronchiectasis and cystic fibrosis, as well as neuromuscular conditions, such as cerebral palsy and amyotrophic lateral sclerosis; SmartVest SQL System; SmartVest Clearway System that consists of an inflatable therapy garment, a programmable air pulse generator, and a patented single-hose that delivers air pulses from the generator to the garment to create oscillatory pressure on the chest wall; and SmartVest Connect, a wireless technology that allows data connection between physicians and patients to track therapy performance and collaborate in treatment decisions.