Profound Medical (NASDAQ:PROF) Trading Down 1.3% – Time to Sell?

Profound Medical (NASDAQ:PROF)’s stock price traded down 1.3% during mid-day trading on Thursday . The company traded as low as $7.28 and last traded at $7.48. 113,004 shares were traded during mid-day trading, a decline of 49% from the average session volume of 221,709 shares. The stock had previously closed at $7.58.

Wall Street Analysts Forecast Growth

PROF has been the subject of several recent analyst reports. Wall Street Zen upgraded Profound Medical from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Profound Medical in a report on Monday, December 29th. Finally, Lake Street Capital upped their price objective on Profound Medical from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 7th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $12.00.

Profound Medical Stock Down 1.3%

The business’s 50 day simple moving average is $7.45 and its two-hundred day simple moving average is $6.08. The stock has a market cap of $271.45 million, a P/E ratio of -5.58 and a beta of 0.54.

Profound Medical (NASDAQ:PROF) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($0.26) EPS for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.12. Profound Medical had a negative return on equity of 86.18% and a negative net margin of 275.16%.The company had revenue of $5.29 million during the quarter, compared to analysts’ expectations of $6.99 million. As a group, research analysts forecast that Profound Medical will post -1.12 earnings per share for the current fiscal year.

Institutional Trading of Profound Medical

A number of hedge funds have recently made changes to their positions in the company. First Eagle Investment Management LLC grew its position in shares of Profound Medical by 138.8% in the 3rd quarter. First Eagle Investment Management LLC now owns 291,391 shares of the company’s stock valued at $1,451,000 after buying an additional 169,352 shares during the last quarter. Royce & Associates LP raised its position in shares of Profound Medical by 12.4% during the third quarter. Royce & Associates LP now owns 859,906 shares of the company’s stock worth $4,202,000 after acquiring an additional 95,000 shares during the last quarter. Thompson Davis & CO. Inc. lifted its stake in shares of Profound Medical by 32.7% in the second quarter. Thompson Davis & CO. Inc. now owns 270,520 shares of the company’s stock worth $1,596,000 after acquiring an additional 66,670 shares during the period. Ring Mountain Capital LLC boosted its holdings in Profound Medical by 15.0% in the fourth quarter. Ring Mountain Capital LLC now owns 454,080 shares of the company’s stock valued at $3,733,000 after acquiring an additional 59,216 shares during the last quarter. Finally, Gagnon Securities LLC increased its position in Profound Medical by 3.1% during the 2nd quarter. Gagnon Securities LLC now owns 1,749,913 shares of the company’s stock valued at $10,324,000 after purchasing an additional 52,233 shares during the period. 47.86% of the stock is owned by institutional investors and hedge funds.

Profound Medical Company Profile

Profound Medical Corp is a medical technology company headquartered in Toronto, Canada, that specializes in the development and commercialization of minimally invasive therapeutic solutions using magnetic resonance–guided ultrasound ablation. The company’s proprietary platform delivers focused ultrasound energy to targeted tissue under real-time MR imaging, offering a non-incisional alternative to traditional surgical approaches.

The company’s lead product, the TULSA-PRO system, is designed for the treatment of prostate conditions, including localized prostate cancer and benign prostatic hyperplasia.