Profound Medical (NASDAQ:PROF) Trading Up 1.6% – Time to Buy?

Profound Medical (NASDAQ:PROF) shares rose 1.6% during mid-day trading on Monday . The stock traded as high as $7.22 and last traded at $7.15. 89,894 shares traded hands during trading, an increase of 25% from the average daily volume of 71,995 shares. The stock had previously closed at $7.04.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of Profound Medical from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, June 26th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Profound Medical currently has an average rating of “Hold” and an average price target of $12.00.

Profound Medical Price Performance

The firm’s 50-day moving average is $6.86 and its 200-day moving average is $6.88. The company has a market capitalization of $259.83 million, a P/E ratio of -5.77 and a beta of 0.73.

Profound Medical (NASDAQ:PROF) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.05. Profound Medical had a negative net margin of 206.76% and a negative return on equity of 78.88%. The business had revenue of $5.34 million for the quarter, compared to the consensus estimate of $4.85 million. As a group, analysts forecast that Profound Medical will post -0.88 EPS for the current fiscal year.

Hedge Funds Weigh In On Profound Medical

Institutional investors have recently bought and sold shares of the stock. Royce & Associates LP raised its stake in shares of Profound Medical by 15.2% in the fourth quarter. Royce & Associates LP now owns 990,348 shares of the company’s stock worth $7,771,000 after buying an additional 130,442 shares during the period. Zweig DiMenna Associates LLC bought a new position in shares of Profound Medical during the 4th quarter valued at approximately $1,023,000. Legato Capital Management LLC purchased a new stake in Profound Medical in the 4th quarter worth approximately $784,000. Ardsley Advisory Partners LP increased its holdings in Profound Medical by 36.4% in the 4th quarter. Ardsley Advisory Partners LP now owns 450,000 shares of the company’s stock worth $3,542,000 after acquiring an additional 120,000 shares in the last quarter. Finally, Perkins Capital Management Inc. bought a new stake in Profound Medical during the 4th quarter worth approximately $899,000. 47.86% of the stock is owned by institutional investors.

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.