Iradimed (NASDAQ:IRMD) Shares Gap Down on Disappointing Earnings

Iradimed Corporation (NASDAQ:IRMD)’s stock price gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $60.48, but opened at $57.96. Iradimed shares last traded at $53.17, with a volume of 26,060 shares traded.

The medical equipment provider reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.05). Iradimed had a net margin of 26.12% and a return on equity of 23.99%.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Iradimed from a “strong-buy” rating to a “buy” rating in a research report on Thursday.

Insider Transactions at Iradimed

In other Iradimed news, CFO John Glenn sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $54.18, for a total value of $135,450.00. Following the completion of the sale, the chief financial officer now owns 4,383 shares of the company’s stock, valued at approximately $237,470.94. This represents a 36.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 37.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. R Squared Ltd acquired a new position in shares of Iradimed in the 4th quarter valued at approximately $30,000. US Bancorp DE boosted its holdings in shares of Iradimed by 476.6% in the 4th quarter. US Bancorp DE now owns 617 shares of the medical equipment provider’s stock valued at $34,000 after buying an additional 510 shares during the last quarter. Huntington National Bank increased its holdings in Iradimed by 51.3% during the third quarter. Huntington National Bank now owns 1,487 shares of the medical equipment provider’s stock worth $75,000 after buying an additional 504 shares during the last quarter. Gladius Capital Management LP raised its position in Iradimed by 126.6% during the third quarter. Gladius Capital Management LP now owns 1,727 shares of the medical equipment provider’s stock worth $87,000 after acquiring an additional 965 shares in the last quarter. Finally, Quantbot Technologies LP lifted its stake in Iradimed by 83.0% in the third quarter. Quantbot Technologies LP now owns 2,320 shares of the medical equipment provider’s stock valued at $117,000 after acquiring an additional 1,052 shares during the last quarter. 92.34% of the stock is owned by institutional investors and hedge funds.

Iradimed Stock Performance

The business’s 50-day moving average price is $57.16 and its 200 day moving average price is $52.02. The company has a market cap of $675.06 million, a P/E ratio of 36.42 and a beta of 0.82.

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.