Profound Medical (NASDAQ:PROF) Shares Down 5.3% – Time to Sell?

Profound Medical Corp. (NASDAQ:PROF)’s stock price traded down 5.3% during mid-day trading on Wednesday . The stock traded as low as $6.23 and last traded at $6.25. 394,275 shares were traded during mid-day trading, an increase of 381% from the average session volume of 82,049 shares. The stock had previously closed at $6.60.

Analysts Set New Price Targets

Separately, Raymond James upgraded Profound Medical to a “strong-buy” rating in a research report on Saturday, November 9th.

Profound Medical Stock Performance

The company has a market capitalization of $187.75 million, a PE ratio of -4.66 and a beta of 0.85. The company has a debt-to-equity ratio of 0.11, a quick ratio of 5.16 and a current ratio of 6.12. The business’s 50-day moving average is $7.47 and its 200-day moving average is $8.17.

Profound Medical (NASDAQ:PROF) last released its earnings results on Thursday, November 7th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($0.05). The business had revenue of $2.83 million for the quarter, compared to analysts’ expectations of $3.30 million. Profound Medical had a negative net margin of 349.41% and a negative return on equity of 85.22%. During the same quarter in the previous year, the business posted ($0.26) earnings per share. On average, research analysts anticipate that Profound Medical Corp. will post -1.15 earnings per share for the current year.

Institutional Investors Weigh In On Profound Medical

Several hedge funds have recently added to or reduced their stakes in PROF. Raymond James Trust N.A. raised its position in shares of Profound Medical by 14.3% in the 3rd quarter. Raymond James Trust N.A. now owns 12,000 shares of the company’s stock worth $96,000 after purchasing an additional 1,500 shares during the last quarter. MTM Investment Management LLC increased its stake in Profound Medical by 10.4% during the 4th quarter. MTM Investment Management LLC now owns 18,575 shares of the company’s stock valued at $139,000 after purchasing an additional 1,750 shares in the last quarter. K2 Principal Fund L.P. purchased a new position in Profound Medical in the third quarter worth about $398,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Profound Medical in the third quarter worth approximately $612,000. Finally, Thompson Davis & CO. Inc. grew its holdings in shares of Profound Medical by 36.2% during the third quarter. Thompson Davis & CO. Inc. now owns 101,900 shares of the company’s stock valued at $811,000 after buying an additional 27,100 shares during the last quarter. 47.86% of the stock is owned by institutional investors.

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.