Pro-Dex (NASDAQ:PDEX) Stock Passes Above 200 Day Moving Average – Here’s Why

Pro-Dex, Inc. (NASDAQ:PDEX) shares crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $51.56 and traded as high as $56.70. Pro-Dex shares last traded at $56.01, with a volume of 187,569 shares changing hands.

Wall Street Analyst Weigh In

PDEX has been the subject of a number of research analyst reports. Ascendiant Capital Markets raised their price objective on Pro-Dex from $56.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Weiss Ratings downgraded Pro-Dex from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday. Wall Street Zen raised Pro-Dex from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. Finally, Zacks Research upgraded Pro-Dex to a “hold” rating in a report on Tuesday, May 19th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Pro-Dex has a consensus rating of “Hold” and an average price target of $70.00.

Pro-Dex Price Performance

The company has a current ratio of 3.67, a quick ratio of 2.14 and a debt-to-equity ratio of 0.32. The firm’s 50-day moving average price is $62.09 and its 200-day moving average price is $51.56. The stock has a market capitalization of $178.67 million, a PE ratio of 15.47 and a beta of 0.01.

Pro-Dex (NASDAQ:PDEX) last released its quarterly earnings results on Thursday, April 30th. The medical instruments supplier reported $1.20 EPS for the quarter, topping the consensus estimate of $0.62 by $0.58. Pro-Dex had a return on equity of 22.78% and a net margin of 16.08%.The company had revenue of $19.95 million during the quarter, compared to analyst estimates of $17.90 million. On average, equities analysts forecast that Pro-Dex, Inc. will post 3.16 EPS for the current fiscal year.

Insider Activity

In other news, CEO Kirk Richard Lee Van, Jr. sold 4,128 shares of Pro-Dex stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $62.36, for a total value of $257,422.08. Following the completion of the transaction, the chief executive officer owned 89,707 shares in the company, valued at approximately $5,594,128.52. The trade was a 4.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 45.90% of the stock is owned by insiders.

Institutional Trading of Pro-Dex

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Los Angeles Capital Management LLC bought a new stake in Pro-Dex in the fourth quarter worth $37,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Pro-Dex during the second quarter valued at $50,000. Bank of America Corp DE increased its position in Pro-Dex by 173.3% during the second quarter. Bank of America Corp DE now owns 1,692 shares of the medical instruments supplier’s stock valued at $74,000 after acquiring an additional 1,073 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of Pro-Dex by 65.4% in the fourth quarter. Wells Fargo & Company MN now owns 2,314 shares of the medical instruments supplier’s stock valued at $89,000 after acquiring an additional 915 shares during the period. Finally, New York State Common Retirement Fund purchased a new stake in shares of Pro-Dex in the second quarter valued at $105,000. Hedge funds and other institutional investors own 15.28% of the company’s stock.

Pro-Dex Company Profile

Pro-Dex, Inc is a designer and manufacturer of precision drive systems and fluid management products serving the dental, medical, industrial and energy markets. The company specializes in high-speed, brushless micromotors and controllers, as well as pneumatic and fluid control devices, providing both standard and custom-engineered solutions for original equipment manufacturers.

Its product portfolio includes high-speed dental handpieces, turbine systems, rotary and reciprocating micro-drives, along with integrated fluid delivery systems.