RA Medical Systems (NYSE:RMED) Price Target Cut to $1.00

RA Medical Systems (NYSE:RMED) had its price objective decreased by research analysts at Piper Sandler to $1.00 in a research report issued to clients and investors on Friday, The Fly reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price target points to a potential upside of 241.88% from the stock’s previous close.

A number of other brokerages have also weighed in on RMED. Zacks Investment Research lowered RA Medical Systems from a “buy” rating to a “hold” rating in a report on Wednesday, June 3rd. ValuEngine downgraded RA Medical Systems from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Maxim Group reiterated a “buy” rating and set a $2.00 target price on shares of RA Medical Systems in a research report on Friday, June 12th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $1.45.

RMED stock remained flat at $$0.29 on Friday. The company had a trading volume of 8,312,335 shares, compared to its average volume of 2,964,557. The company has a fifty day moving average of $0.48 and a two-hundred day moving average of $1.11. RA Medical Systems has a 52-week low of $0.28 and a 52-week high of $2.96. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.76 and a quick ratio of 4.30.

RA Medical Systems (NYSE:RMED) last announced its quarterly earnings data on Wednesday, May 13th. The company reported ($0.56) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.34) by ($0.22). RA Medical Systems had a negative return on equity of 130.46% and a negative net margin of 732.37%. The business had revenue of $1.37 million for the quarter, compared to analyst estimates of $1.51 million. Equities research analysts expect that RA Medical Systems will post -1.06 earnings per share for the current fiscal year.

In related news, Director Richard Mejia, Jr. acquired 50,000 shares of RA Medical Systems stock in a transaction dated Friday, June 12th. The shares were acquired at an average cost of $0.60 per share, for a total transaction of $30,000.00. Following the completion of the transaction, the director now directly owns 88,085 shares of the company’s stock, valued at $52,851. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders bought 110,000 shares of company stock worth $60,100 over the last 90 days. Company insiders own 25.20% of the company’s stock.

A hedge fund recently raised its stake in RA Medical Systems stock. Bourne Lent Asset Management Inc. grew its position in shares of RA Medical Systems Inc (NYSE:RMED) by 18.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 211,260 shares of the company’s stock after acquiring an additional 32,500 shares during the quarter. Bourne Lent Asset Management Inc. owned about 1.53% of RA Medical Systems worth $230,000 at the end of the most recent quarter. 14.43% of the stock is owned by institutional investors.

About RA Medical Systems

Ra Medical Systems, Inc, a commercial-stage medical device company, develops, manufactures, and markets excimer lasers for use in the treatment of vascular and dermatological diseases. The company offers DABRA (destruction of arteriosclerotic blockages by laser radiation ablation), a minimally-invasive excimer laser and disposable catheter system that is used by physicians in the endovascular treatment of vascular blockages resulting from lower extremity vascular disease.

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