Profound Medical (NASDAQ:PROF) Shares Up 17.4% – What’s Next?

Profound Medical Corp. (NASDAQ:PROF) shares shot up 17.4% during mid-day trading on Tuesday . The stock traded as high as $6.90 and last traded at $6.75. 139,248 shares traded hands during trading, an increase of 117% from the average session volume of 64,191 shares. The stock had previously closed at $5.75.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PROF. Raymond James cut shares of Profound Medical from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 9th. Lake Street Capital reduced their price target on shares of Profound Medical from $17.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd.

Profound Medical Price Performance

The firm has a market cap of $202.86 million, a price-to-earnings ratio of -5.04 and a beta of 0.48. The company has a quick ratio of 5.16, a current ratio of 6.12 and a debt-to-equity ratio of 0.11. The company’s 50-day moving average price is $4.95 and its 200-day moving average price is $6.33.

Profound Medical (NASDAQ:PROF) last issued its earnings results on Thursday, May 8th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.07). The firm had revenue of $2.62 million during the quarter, compared to analyst estimates of $4.78 million. Profound Medical had a negative net margin of 349.41% and a negative return on equity of 85.22%. On average, equities research analysts forecast that Profound Medical Corp. will post -1.12 EPS for the current year.

Insider Activity at Profound Medical

In other news, CEO Arun Swarup Menawat bought 10,003 shares of Profound Medical stock in a transaction that occurred on Thursday, May 15th. The shares were purchased at an average price of $4.33 per share, with a total value of $43,312.99. Following the completion of the acquisition, the chief executive officer now directly owns 575,062 shares in the company, valued at $2,490,018.46. The trade was a 1.77% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Profound Medical

Several hedge funds have recently added to or reduced their stakes in PROF. PNC Financial Services Group Inc. purchased a new position in Profound Medical in the first quarter valued at approximately $64,000. XTX Topco Ltd purchased a new position in Profound Medical in the fourth quarter valued at approximately $114,000. MTM Investment Management LLC increased its stake in Profound Medical by 10.4% in the fourth 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 during the last quarter. Marshall Wace LLP increased its stake in Profound Medical by 201.6% in the fourth quarter. Marshall Wace LLP now owns 36,216 shares of the company’s stock valued at $272,000 after purchasing an additional 24,208 shares during the last quarter. Finally, Northwest & Ethical Investments L.P. increased its stake in Profound Medical by 94.9% in the fourth quarter. Northwest & Ethical Investments L.P. now owns 46,200 shares of the company’s stock valued at $346,000 after purchasing an additional 22,500 shares during the last quarter. 47.86% of the stock is currently owned by hedge funds and other 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.