- Home medical equipment supplier, Viemed Healthcare (TSX:VMD.TO) is expecting to join the Russell 3000 Index
- On May 8 ever year the Russell 3000 Index captures the 4,000 largest US stocks, ranking them by total market capitalisation
- Viemed expects to join the 2020 rankings on June 29, according to a preliminary list of additions posted on June 5
- The company has experienced a massive boost in business demand this year, since the outbreak of COVID-19
- Viemed Healthcare (VMD.TO) is up 4.82 per cent and is currently trading at C$15.00 per share
Home medical equipment supplier, Viemed Healthcare (TSX:VMD.TO) is expecting to join the Russell 3000, a capitalisation-weight stock market index.
Every year, the index measures the 4,000 largest US stocks, ranking them by total market capitalisation. The annual cut-off date for this process is May 8.
The index captures those 4,000 stocks during its annual reconstitution, providing them with one-year membership in the US all-cap index.
According to a preliminary list of additions posted on June 5, Viemed Healthcare should join the index this year. This will occur during its 2020 Russell indexes annual reconstitution, taking effect after the US market opens on June 29.
Viemed, a leading home ventilation provider, has experienced a massive boost in business demand this year, due to COVID-19. The virus, which causes respiratory injuries, has been a serious threat to many of Viemed’s patients, who rely on ventilators.
Due to the increased demand, the company’s market share has performed well in recent months, moving up almost 300 per cent since mid-March.
Viemed’s CEO, Casey Hoyt, commented on this important milestone for the company.
“Our inclusion into the Russell 3000 Index marks our first market index, and should further our strategy of continuing to build out our shareholder base in the United States. Our 2019 listing on the Nasdaq has been increasing our daily trading volume in the US.
“This latest announcement should provide increased liquidity on the US exchange, and potentially increase our stock holding in the institutional community,” he said.
Viemed Healthcare (VMD.TO) is up 4.82 per cent and trading at $15.00 per share at 12:02pm EDT.