Profound Medical (NASDAQ:PROF) Trading Down 0.2% – Should You Sell?

Shares of Profound Medical (NASDAQ:PROF) were down 0.2% during trading on Wednesday . The stock traded as low as $5.96 and last traded at $6.09. Approximately 13,905 shares were traded during trading, a decline of 79% from the average daily volume of 65,452 shares. The stock had previously closed at $6.10.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PROF shares. Lake Street Capital reduced their target price on shares of Profound Medical from $17.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. Raymond James Financial downgraded shares of Profound Medical from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 9th.

Profound Medical Stock Down 0.2%

The company has a debt-to-equity ratio of 0.09, a quick ratio of 10.03 and a current ratio of 11.31. The stock has a market cap of $183.00 million, a P/E ratio of -4.99 and a beta of 0.49. The stock’s fifty day simple moving average is $5.48 and its 200-day simple moving average is $6.17.

Profound Medical (NASDAQ:PROF) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.07). The business had revenue of $2.62 million during the quarter, compared to the consensus estimate of $4.78 million. Profound Medical had a negative net margin of 269.35% and a negative return on equity of 70.41%. As a group, research analysts forecast that Profound Medical will post -1.12 earnings per share for the current fiscal year.

Insider Transactions at Profound Medical

In other Profound Medical news, CEO Arun Swarup Menawat acquired 12,027 shares of the business’s stock in a transaction on Friday, May 16th. The stock was purchased at an average price of $4.73 per share, with a total value of $56,887.71. Following the acquisition, the chief executive officer directly owned 587,089 shares of the company’s stock, valued at approximately $2,776,930.97. This trade represents a 2.09% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Profound Medical

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Royal Bank of Canada raised its position in shares of Profound Medical by 3.5% in the 1st quarter. Royal Bank of Canada now owns 435,997 shares of the company’s stock valued at $2,537,000 after buying an additional 14,795 shares in the last quarter. Raymond James Financial Inc. raised its position in shares of Profound Medical by 2.0% in the 1st quarter. Raymond James Financial Inc. now owns 892,879 shares of the company’s stock valued at $5,197,000 after buying an additional 17,170 shares in the last quarter. Timelo Investment Management Inc. raised its position in shares of Profound Medical by 8.7% in the 1st quarter. Timelo Investment Management Inc. now owns 990,995 shares of the company’s stock valued at $5,768,000 after buying an additional 79,234 shares in the last quarter. Thompson Davis & CO. Inc. raised its position in shares of Profound Medical by 11.8% in the 1st quarter. Thompson Davis & CO. Inc. now owns 203,850 shares of the company’s stock valued at $1,186,000 after buying an additional 21,555 shares in the last quarter. Finally, National Bank of Canada FI raised its position in shares of Profound Medical by 8.4% in the 1st quarter. National Bank of Canada FI now owns 137,126 shares of the company’s stock valued at $798,000 after buying an additional 10,618 shares in the last quarter. 47.86% of the stock is currently owned by institutional investors and hedge funds.

Profound Medical Company Profile

Profound Medical Corp., together with its subsidiaries, operates as a commercial-stage medical device company that develops and markets incision-free therapeutic systems for the image guided ablation of diseased tissue in Canada, Germany, the United States, and Finland. Its lead product TULSA-PRO system combines magnetic resonance imaging(MRI), robotically-driven transurethral sweeping action/thermal ultrasound and closed-loop temperature feedback control to provide precise, flexible, and durable ablation of a surgeon defined region of prostate and protect the urethra and rectum.