Short Interest in Iradimed Corporation (NASDAQ:IRMD) Decreases By 20.6%

Iradimed Corporation (NASDAQ:IRMD) was the target of a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 188,100 shares, a drop of 20.6% from the March 15th total of 237,000 shares. Based on an average daily trading volume, of 40,500 shares, the days-to-cover ratio is presently 4.6 days. Currently, 2.4% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on IRMD shares. Roth Mkm restated a “buy” rating and issued a $72.00 price objective (up from $60.00) on shares of Iradimed in a report on Friday, February 14th. StockNews.com cut Iradimed from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 13th.

Iradimed Trading Down 1.9 %

Shares of IRMD traded down $0.99 during mid-day trading on Monday, hitting $50.78. 34,963 shares of the company’s stock were exchanged, compared to its average volume of 44,727. The firm has a market capitalization of $645.67 million, a P/E ratio of 33.85 and a beta of 0.82. Iradimed has a fifty-two week low of $40.55 and a fifty-two week high of $63.29. The business’s 50 day moving average is $53.04 and its two-hundred day moving average is $54.18.

Iradimed (NASDAQ:IRMD) last announced its quarterly earnings data on Thursday, February 13th. The medical equipment provider reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.05). Iradimed had a return on equity of 24.12% and a net margin of 26.26%. The firm had revenue of $19.39 million for the quarter, compared to analysts’ expectations of $19.09 million. On average, equities research analysts forecast that Iradimed will post 1.66 earnings per share for the current year.

Iradimed Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date of this dividend was Monday, February 24th. This is an increase from Iradimed’s previous quarterly dividend of $0.15. Iradimed’s dividend payout ratio (DPR) is currently 45.33%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Stifel Financial Corp grew its holdings in Iradimed by 9.8% during the 3rd quarter. Stifel Financial Corp now owns 24,428 shares of the medical equipment provider’s stock valued at $1,229,000 after buying an additional 2,174 shares during the last quarter. Barclays PLC increased its position in Iradimed by 113.9% during the 3rd quarter. Barclays PLC now owns 23,774 shares of the medical equipment provider’s stock worth $1,196,000 after purchasing an additional 12,657 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Iradimed in the 3rd quarter valued at about $126,000. Principal Financial Group Inc. purchased a new position in Iradimed in the 3rd quarter valued at about $246,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Iradimed by 70.2% during the third quarter. JPMorgan Chase & Co. now owns 29,226 shares of the medical equipment provider’s stock valued at $1,470,000 after buying an additional 12,051 shares during the period. 92.34% of the stock is currently owned by institutional investors and hedge funds.

About Iradimed

IRadimed Corp. engages in the development, manufacture, marketing, and distribution of Magnetic Resonance Imaging compatible medical devices. It also provides a non-magnetic Intravenous infusion pump system that is specifically designed for use during MRI procedures. The company was founded by Roger Susi in July 1992 and is headquartered in Winter Springs, FL.