Profound Medical (NASDAQ:PROF) Shares Up 1.6% – Still a Buy?

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

Analyst Upgrades and Downgrades

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

Profound Medical Stock Down 2.2%

The firm has a market capitalization of $252.38 million, a P/E ratio of -5.59 and a beta of 0.73. The company’s 50 day moving average is $6.85 and its 200-day moving average is $6.87.

Profound Medical (NASDAQ:PROF) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $4.85 million. On average, analysts predict that Profound Medical will post -0.88 EPS for the current fiscal year.

Institutional Trading of Profound Medical

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alyeska Investment Group L.P. acquired a new position in Profound Medical during the fourth quarter worth $5,340,000. Rosalind Advisors Inc. lifted its stake in shares of Profound Medical by 54.4% in the fourth quarter. Rosalind Advisors Inc. now owns 1,068,955 shares of the company’s stock valued at $8,413,000 after buying an additional 376,770 shares in the last quarter. FIL Ltd grew its holdings in shares of Profound Medical by 16.7% during the fourth quarter. FIL Ltd now owns 2,200,000 shares of the company’s stock valued at $17,270,000 after buying an additional 315,000 shares during the last quarter. Essex Investment Management Co. LLC bought a new stake in shares of Profound Medical during the fourth quarter worth about $2,437,000. Finally, Velan Capital Investment Management LP bought a new stake in shares of Profound Medical during the fourth quarter worth about $2,249,000. 47.86% of the stock is owned by institutional investors.

About Profound Medical

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.