Short Interest in Iradimed Corporation (NASDAQ:IRMD) Grows By 16.5%

Iradimed Corporation (NASDAQ:IRMD) saw a large growth in short interest during the month of February. As of February 28th, there was short interest totalling 201,000 shares, a growth of 16.5% from the February 13th total of 172,600 shares. Based on an average daily volume of 42,800 shares, the short-interest ratio is presently 4.7 days. Currently, 2.5% of the company’s shares are sold short.

Iradimed Stock Up 1.5 %

Shares of IRMD traded up $0.80 during mid-day trading on Wednesday, hitting $52.85. The company had a trading volume of 35,678 shares, compared to its average volume of 43,886. The business’s 50-day simple moving average is $56.91 and its 200-day simple moving average is $53.55. Iradimed has a 1-year low of $40.18 and a 1-year high of $63.29. The stock has a market cap of $671.99 million, a PE ratio of 35.23 and a beta of 0.83.

Iradimed (NASDAQ:IRMD) last posted its quarterly earnings results on Thursday, February 13th. The medical equipment provider reported $0.40 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.05). Iradimed had a net margin of 26.26% and a return on equity of 24.12%. The business had revenue of $19.39 million during the quarter, compared to analysts’ expectations of $19.09 million. On average, sell-side analysts expect that Iradimed will post 1.66 earnings per share for the current year.

Iradimed Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, February 24th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.29%. This is a positive change from Iradimed’s previous quarterly dividend of $0.15. Iradimed’s dividend payout ratio (DPR) is currently 45.33%.

Institutional Trading of Iradimed

A number of hedge funds have recently made changes to their positions in the company. Copeland Capital Management LLC increased its stake in shares of Iradimed by 12.6% in the fourth quarter. Copeland Capital Management LLC now owns 475,563 shares of the medical equipment provider’s stock worth $26,156,000 after buying an additional 53,138 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Iradimed by 94.1% in the fourth quarter. Bank of New York Mellon Corp now owns 100,108 shares of the medical equipment provider’s stock worth $5,506,000 after buying an additional 48,534 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Iradimed by 189.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 66,632 shares of the medical equipment provider’s stock worth $3,351,000 after buying an additional 43,635 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Iradimed in the fourth quarter worth $2,319,000. Finally, Geode Capital Management LLC increased its stake in shares of Iradimed by 17.9% in the fourth quarter. Geode Capital Management LLC now owns 222,772 shares of the medical equipment provider’s stock worth $12,255,000 after buying an additional 33,879 shares during the last quarter. Hedge funds and other institutional investors own 92.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. StockNews.com cut shares of Iradimed from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 13th. Roth Mkm reissued a “buy” rating and issued a $72.00 target price (up from $60.00) on shares of Iradimed in a research report on Friday, February 14th.

Iradimed Company Profile

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.